《大行报告》花旗下调信义玻璃(00868.HK)目标价至11元 评级「买入」
花旗发表报告指,信义玻璃(00868.HK)日前发盈警,预计中期纯利将按年跌25%至40%,主要是由於信义光能(00968.HK)去年发行新股的权益摊薄、去年出售若干信义光能股份录得一次性收益、人民币贬值,以及疫情打击玻璃产品需求及平均售价。
该行指,浮法玻璃平均售价已见底,基本面正在恢复,5月初以来浮法玻璃库存开始下降,缓解平均售价的压力,加上下游需求在过去两个月明显回升,认为公司最坏的时期已经过去,中长期看法乐观
。
考虑到上半年业绩疲弱及对下半年大幅复苏的预期,花旗将今明两年浮法玻璃平均售价预测微调至跌3%及持平,将汽车玻璃平均售价预测跌6%及升1%,将2020至2022年每股盈利预测下降25%、16%及12%,维持「买入」评级,目标价由13元降至11元。
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