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瑞信:下調信義玻璃(0868.HK)目標價至11.3港元 評級“跑贏大市”
格隆匯 03-17 17:17
瑞信發表報告表示,信義玻璃(0868.HK)去年度業績略高於市場預期,全年純利按年升5.7%至44.78億港元,即是下半年盈利按年升5.6%至23.53億港元,當中主因下半年度銷售及行政開支佔收益比率有所改善。
報告又指,管理層表示由於北海及張江港新增產能下,今年浮法玻璃產能增長料加快至11%,達每年620萬噸;而浮法玻璃價格維持按年升7%,且油價下跌亦有利公司生產成本。
不過該行下調其2020至2021年度盈利預測9%至10%,以反映較低收益預期及信義光能(0968.HK)最新的盈利預測,故目標價相應由12.6港元降至11.3港元,維持“跑贏大市”評級。

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