大和:升中車時代(3898.HK)目標價至40港元 評級升至買入
大和總研發表研究報告指,中車時代電氣(3898.HK)半導體業務或成為新星,將其評級由持有上調至買入,目標價由24港元上調至40港元。
大和指,看到中車時代電氣半導體業務,尤其是絕緣柵雙極晶體管(IGBT)產品支持公司價值重估機會,因此改變了估值方法。該行預計,公司的IGBT產品收入到2025年將達到10億元人民幣,高於2019年的4億元人民幣,認為目前的10倍2020年市盈率無法完全反映其高增長半導體業務的價值。
大和估計,公司的半導體業務價值105億元,亦有可能分拆該業務在A股市場上市。該行將2021-22年每股盈利預測上調7%,以反映中期業績以及對其鐵路和半導體業務的預測上調。

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.