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里昂:升信義玻璃(0868.HK)目標價至12.5港元 評級“買入”
格隆匯 01-16 16:43
里昂發表報告指,信義玻璃(0868.HK) 自公佈2019年上半年業績後,股價累升約41%,主要受浮法玻璃價格反彈所帶動,預期隨着內地物業竣工率上升及玻璃供應增長有限的情況下,未來供求情況相對平衡,為今年打下更好基礎。
報告指出,去年6月起浮法玻璃市場價格因供應受限及需求改善而明顯回升,累計上漲約11;佔生產成本約四分之一的純礆,於去年11月至12月價格下跌約8%,相信有助推動浮法玻璃業務毛利率由去年上半年的28%,提升去年下半年至約30.7%,預期至今年可望達到32.2%。
里昂表示,信義玻璃三大業務分部的產能產能持續擴張,今年下半年馬來西亞廠房將開始生產汽車玻璃,廣西新廠房的汽車玻璃產能也即將投產等,將進一步推動業務增長。
該行預期,雖然今年浮法玻璃的平均售價或持平,但銷量增長及新產能較低的成本可期,加上中美貿易摩擦第一階段協議有助降低市場憂慮,因此信義玻璃目標價由11.2港元上調至12.5港元,維持“ 買入 ”評級。

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