里昂:升中国联塑(2128.HK)目标价至9港元 评级“买入”
里昂发表报告表示,中国联塑(02128.HK)上半年核心净利按年升22.6%,高于该行预期7.1%,主因塑料管毛利率按年扩张2.6个百分点,以及坚挺定价策略抵销了受天雨影响而疲弱的销售表现。

报告又引述公司管理层称,受惠省项目7月份需求改善,故维持全年销售增长10%至15%的目标,且对下半年毛利率前景乐观。该行估计,联塑资本开支已达到顶峰,未来派息比率会提升。该股现价相当于2019/2020年预测市盈率分别为7.6及6.8倍,而股息收益率则为5.2%及6.5%,维持其“买入”评级,目标价由8.9港元升至9港元。
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