花旗:下調信義玻璃(0868.HK)目標價至11港元 評級買入
花旗發表報告指,信義玻璃(0868.HK)日前發盈警,預計中期純利將按年跌25%至40%,主要是由於信義光能(0968.HK)去年發行新股的權益攤薄、去年出售若干信義光能股份錄得一次性收益、人民幣貶值,以及疫情打擊玻璃產品需求及平均售價。
該行指,浮法玻璃平均售價已見底,基本面正在恢復,5月初以來浮法玻璃庫存開始下降,緩解平均售價的壓力,加上下游需求在過去兩個月明顯回升,認為公司最壞的時期已經過去,中長期看法樂觀。
考慮到上半年業績疲弱及對下半年大幅復甦的預期,花旗將今明兩年浮法玻璃平均售價預測微調至跌3%及持平,將汽車玻璃平均售價預測跌6%及升1%,將2020至2022年每股盈利預測下降25%、16%及12%,維持買入評級,目標價由13港元降至11港元。

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.