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《大行報告》瑞信上調信義玻璃(00868.HK)目標價至21元 評級「跑贏大市」
阿思達克 12-04 09:48
瑞信發表研報指,信義玻璃(00868.HK)宣布擬折讓17.4%收購其未持有的中國玻璃(03300.HK)所有已發行股份,交易料涉及16.4億至16.7億元,相當於後者2019年市盈率19.2倍至19.5倍,預期將鞏固信義玻璃於市場的領先地位。

報告指,中國玻璃擁有13條浮法玻璃生產線,每日產能為6,650噸,目前每日活躍產能約5,250噸,相等於市場份額約5.7%,預期信義運用自身良好的執行能力,可幫助中國玻璃提高運營效率及提高盈利能力。

瑞信認為,信義玻璃收購中國玻璃後,市佔率可提高到25%,有助在市場嚴格控制浮法玻璃配額的情況下降低採購成本,明年可受惠於更快速的利潤增長,市場地位提升或引發估值重評。

考慮市場地位改善及信義光能(00968.HK)上調,將信義玻璃2020至2022年每股盈利預測上調8%至13%,目標價由14.1元升至21元,維持「跑贏大市」評級。

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