里昂:降福耀玻璃(3606.HK)目标价至23.3港元 评级“跑赢大市”
里昂发表报告指,福耀玻璃(3606.HK)
上半年经调整盈利按年跌22.3%,并低于该行预期15.6%。汽车及浮化玻璃销售疲弱为主要拖累因素,惟相信汽车市场将持续回复,加上第四季基数较低,海外业务及人民币贬值因素亦有推动业务的作用。
基于福耀玻璃收购业务后整固期将影响毛利率表现,料有关影响将持续至下半年以至明年上半年,降今年全年经调整盈利预测11.5%,升明年预测16.3%,降2021年预测7.8%,目标价自25.5港元下调至23.3港元,维持“
跑赢大市
”评级。
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