《大行報告》大和降信義光能(00968.HK)評級至「持有」 目標價下調至13.5元
大和發表報告指,信義光能(00968.HK)股價在過去兩個月大升了56%,主要是因太陽能玻璃價格自7月起累計上升了60%。由於在供應增加的情況下玻璃價格進一步上升空間有限,該行相信市場情緒已大致反映,而且因供需動態改善,預期太陽能玻璃價格在明年及2022年或會調整。
在股價大升逾50%後及未來催化劑有限下,大和下調信義光能股份評級,由「跑贏大市」降至「持有」,目標價亦由16元調低至13.5元,並降集團明年及2022年每股盈利預測8%至11%,以反映新的產品均價假設。
該行認為,信義光能現時估值高企,短期或面對投資者鎖定利潤壓力;撇除太陽能發電場業務後現估值相當於明年預測市帳率10倍,對比福萊特玻璃(06865.HK)僅為6倍計,前者估值高出約70%,在毛利率相若下,預料兩企估值差距會收窄。
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