野村:下調福耀(3606.HK)目標價至18.8港元 已渡過最艱難時刻
野村發表研究報告指,從3月起中國開始恢復大部分的工業活動,福耀玻璃(3606.HK)已渡過最艱難的時期,從今年第二季起業務將會回覆正常,但隨着疫情在海外爆發,料海外市場業務於今年第三季才開始好轉,將公司目標價由22.1港元降至18.8港元,但上調評級由減持至中性。
野村續指,預期於今年第二至四季度中國汽車玻璃銷量分按年增18%、5%及5%,但預期於今年第二至四季度美國汽車玻璃銷量分別按年下降42%、12%及1%,亦下調今年收入預測14%及毛利率3.7個百分點。
野村提及福耀玻璃的負面因素已反映於其估值上,惟現時該股缺乏催化劑,新措施亦難以在短期內帶來成果,難以刺激股價上升。野村認為,當內地及美國市場汽車需求復甦後,耐世特(1316.HK)的風險回報更形吸引,予後者買入評級。

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.