花旗:升中國聯塑(2128.HK)目標價至15.5港元 評級“買入”
花旗發表的研究報告指,將中國聯塑(02128.HK)目標價由10.5港元升至15.5港元,並將其2019-21年盈利預測升2-3%,新的市盈率目標較A股上市的同業的市盈率折讓15%左右,認為公司是行業首選。另外該行亦對未來90日的正面催化劑持開放態度,包括是公司有可能有較高派息比率,或派發特別息以慶祝上市10週年,另外其2019財年業績亦有機會勝預期,主要受惠平均銷售單價較高帶動毛利向上。
花旗早前與公司首席財務官舉行了電話會議,管理層目標在未來五年中國膠喉市場中市佔率能達25-30%,另外亦期望市佔提升的步伐可加快,以反映其領導地位。該行指出只有聯塑擁有全國分銷及生產網絡,而其產能增長維持每年10-15%,認為公司有較強的定位,與供應商亦有較強議價能力。
該行估計公司2019下半財年毛利率將由上半財年的28.7%降至27.8%,但仍然高於2018財年同期的26.4%,在銷量增長方面估計下半財年將復甦至雙位數百分比,而上半財年增長僅2.5%。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.