中信里昂:下調信義玻璃(0868.HK)目標價至9.7港元 評級“跑贏大市”
中信里昂證券發表研究報告,鑑於盈利減少,將信義玻璃(0868.HK)評級從“買入”下調至“跑贏大市”,並將目標價從11.3港元下調14.16%至9.7港元。
該行稱,公共衞生事件導致浮法玻璃庫存飆升,4月玻璃價格加速下降,令信義玻璃上半年的盈利施加壓力,其中汽車玻璃業務歷來是穩定的部分,也受到全球公共衞生事件影響的打擊,但從4月底開始穩定,發貨量加速和庫存有所減少。
該行表示,雖然降低成本有所幫助,但盈利能力下降導致供應減少。除了浮法玻璃的平均售價,信義玻璃的股價也與房地產市場有關,該行預計房地產市場將復甦,因此對信義玻璃中期前景保持樂觀。

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