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大行評級|大和:下調創科實業目標價至120港元 下調2025至27年每股盈測

大和發表研究報告指,引述創科實業管理層表示,由於全球貿易談判仍在進行中,量化對公司盈利的直接影響仍言之尚早。目前該行預期關稅的任何不利影響將主要於下半年出現。不過,由於創科實業擁有穩健的資產負債表、強勁的品牌動力及多元化的全球採購版圖,預計雖然短期內面對貿易逆風,但仍有潛力加快提升全球市佔率。

該行下調創科實業2025至27年的每股盈測10%至13%,以反映關稅帶來的利潤壓力,並下調估值基礎,至今明兩年平均市盈率22倍(原先爲預測今年市盈率25倍),以反映關稅短期風險,目標價相應由145港元下調至120港元,重申“買入”評級。

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