《大行報告》摩通升信義玻璃(00868.HK)評級至「增持」 上調目標價至27元
摩根大通發表研究報告,將信義玻璃(00868.HK)投資評級由原來的「中性」上調至「增持」,目標價由20元升至27元。基於平均售價預測的上調,將公司2021及2022財年的盈利預測分別上調50%及44%。
該行與行業專家討論後,發現今天農曆新年後的需求復甦比往年快,部分原因是由於政府的出行限制政策令建築工人在假期期間留在工作的城市,預期下周的下游需求將達到農曆新年前的70至80%,並在之後一周全面恢復。這將會使玻璃、水泥、鋼鐵行業受惠,而由於盈利增長勢頭強勁,玻璃行業是需求回升主題的首選。
另外,隨著今年的新產能增加限制至少於5%,預期玻璃價格會維持在高水平,帶動毛利率創新高,而盈利增長會在今年接近40%。
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