《大行報告》野村升調福耀玻璃(03606.HK)評級至「中性」 目標價下調至18.8元
野村發表研究報告,指福耀玻璃(03606.HK)首季盈利4.6億元人民幣,按年下跌24%,收入下降15.5%及毛利率下跌4.5個百分點,主要是因為疫情導致生產停頓所致。隨著自3月份以來,中國內地的營運大致恢復,相信公司的國內業務會從第二季之後開始回復正常。該行認為公司在第三季會轉勢,而這預測與中國及美國的季度汽車銷售預測相符。
為了反映上述影響,該行將公司2020年的收入預測下調14%,並將毛利率預測下調3.7個百分點,導致盈利將下跌28%。最新目標價由22.1下調至18.8元,投資評級上調至「中性」,認為負面因素已反映在股價當中,但缺乏再評級的催化劑。
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