大和:降信義光能(0968.HK)評級至持有 目標價20.4港元
大和發表研究報吿認為,太陽能玻璃平均售價已見頂,考慮到信義光能(0968.HK)催化劑有限,估值亦相對於同業為高,雖維持其目標價20.4港元,但將投資評級由優於大市下調至持有。
大和指,太陽能玻璃均價自去年7月以來累升79%,達到最高峯的每平方米43元人民幣,預期上半年其均價有下跌風險。儘管信義光能及福萊特玻璃的新產能已於去年第四季起開始投產,惟信義光能在今、明兩年料只會新增73%產能,不如福萊特玻璃般將產能大增1.66倍來抵銷太陽能玻璃均價潛在下跌的影響,令公司增速將遜於福萊特玻璃,惟現時其市帳率及市盈增長率均為福萊特玻璃的2倍,意味在宏觀環境收緊下,信義光能可能面臨獲利回吐風險。
該行將信義光能今、明兩年盈利預測下調1至3%,以反映對太陽能玻璃均價下跌的預期。

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.