《大行報告》麥格理降福耀玻璃(03606.HK)評級至「中性」 目標價下調至19.8元
麥格理表示,在新型肺炎疫情影響下,今年上半年汽車銷量將按年下跌約16%,至下半年才反彈回升6%,考慮到代工業務受壓,認為佔國內汽車玻璃市場70%份額的福耀玻璃(03606.HK)期內銷量可能下滑,而且短期利潤率壓力更高。該行表示,福耀去年收購的德國鋁飾條資產SAM,重組進度或較預期更慢,原估計今年首季可達收支平衡,目前預期將延遲至下半年,成為影響業務的主要風險。考慮到目前福耀的2020年預期市盈率為17倍,麥格理將其評級由「跑贏大市」下調至「中性」,建議投資者在汽車銷趨於穩定的情況下,等待下半年的入市時機。該行又將2019至2021年每股盈利預測下調6%至11%,目標價下調至19.8元。
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