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植耀輝:美股下跌納指挫2.6% 創科(00669.HK)宜先觀望
阿思達克 03-07 09:03
耀才證券研究部總監植耀輝稱,美國對外關稅措施朝令夕改,增添市場之不確定性。受此因素拖累,隔晚(6日)美股急挫,道指跌近1%,標普500及納指分別下跌1.78%及2.6%。 港股走勢則明顯強勁得多,恆指過去兩個交易日再度抽升,對兩會之憧憬以及北水續「掃貨」成爲支撐港股兩大因素,特別是後者。在資金繼續追捧指數權重股下,現在亦不宜「估頂」;只是一旦資金流入情況出現逆轉,到時便須理性行事(減磅)了,! 個股方面,談談本週二(4日)公佈業績後股價續跌之創科(00669.HK)。截至去年12月底止年度,收入按年上升6.5%,當中旗艦品牌MILWAUKEE收入增長最快,約11.6%,不過另一品牌RYOBI僅增加6.4%,其餘業務則下跌14%。至於毛利率一如以往爲一大賣點,由去年同期之39.5%上升85基點至40.3%,即使以上下半年計,毛利率亦由39.9%升至40.7%。不過由於主要成本分銷及宣傳費用,以及行政費用下半年增幅略高於上半年(5.1% vs 7.7%%),令下半年股東應佔溢利增幅反不及上半年(14.13% vs 15.68%)。 至於未來展望方面,雖然集團對今年MILWAUKEE及RYOBI銷售表現充滿信心,不過總銷售將只有中至高單位數增長,意味銷售表現暫難有太大憧憬;集團亦會繼續透過推出新產品以提升盈利能力。至於關稅問題則由於創科生產線早已擴散至不同區域,集團亦有信心可以將成本轉嫁客戶,故問題亦不大。筆者本身亦一直對創科管理層讚賞有嘉,只是現價估值亦不算十分吸引,所以待其股價回試前低位95元附近再部署也不遲。 (筆者並未持有相關股份)~
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