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里昂下调信义玻璃(0868.HK)目标价至10.3港元维持“买入”评级
格隆汇 08-09 11:35

里昂发表研究报告指,信义玻璃(00868.HK)上半年核心盈利按年跌23.3%,较该行预期低7%,是因为浮法玻璃销售及支出,部分抵消了建筑玻璃销售及毛利率上升的影响。虽然今年上半年趋势疲弱,不过该行仍看到浮法玻璃价格已回升,有可能延续到下半年旺季,更跑赢汽车或建筑玻璃的稳定表现。

该行又指,三大分部的产能扩张已在进行中,将进一步推动2020年增长。该股2019年预测市盈率达9倍,估值不高,以及股息率达6.5%,故维持其“买入”评级,但由於将2019至2021年核心盈利预测调低8%、7.2%及6.1%,达34.06亿元、45亿元及57.17亿元,反映浮法玻璃收入及毛利率下跌,以及营运支出或财务融资上升,故将目标价由10.9港元降至10.3港元。

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