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大行評級|瑞銀:維持創科實業“買入”評級 料下半年毛利率將持續擴充
瑞銀髮表研究報吿指,創科實業上半年業績大致符合預期,認為Milwaukee的雙位數增長再次受惠於新產品、地域性擴張、商業化及垂直滲透,而户外工具表現強勁為Ryobi主要的增長動力。另外,銷售及行政費用較高,主要因為更多研發投資,不過有望推動未來收入增長。自由現金流由去年上半年的3.01億美元,明顯改善至今年上半年的5.08億美元。該行稱,公司未有在業績報吿中提供詳細的指引,等待業績會議的詳細訊息,整體而言,該行料下半年Milwaukee強勁增長及毛利率擴充將持續,維持其“買入”評級,目標價為121港元。
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