花旗:予创科实业“买入”评级 目标价降至113港元

Citigroup: Target price for Chuangtech Industrial's “buy” rating reduced to HK$113

新浪港股 ·  Feb 20 22:12

Citi released a research report stating that it gave Chuangke Industrial (00669) a “buy” rating, while still adding it to the top list of Chinese industrial stocks. However, the profit forecast for the 2024-2025 fiscal year was lowered by about 2%, and the target price was lowered from HK$118 to HK$113, assuming a turnover increase of about 7% for the 2024 fiscal year, compared to the previous forecast of 9%.

According to the report, Home Depot (HD.US) announced results for the fourth fiscal quarter of last year. Earnings per share for the fourth quarter were $2.82, slightly lower than market expectations of $2.75. Historical data shows that between 2006 and 2023, I&T revenue growth was 6% higher than Home Depot's revenue growth each year. Home Depot, I&T's largest customer, accounted for about 48% of its total sales in the first half of 2023. From 2006 to 2023, I&T's revenue growth correlated with Home Depot's rapid growth rate of about 76%. According to Home Depot's 2024 fiscal year guidance, which is expected to grow 1% in 2024, the bank now assumes that I&T revenue will grow by around 7% in 2024, rather than the 9% previously assumed by the bank.

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