《大行報告》美銀證券上調信義玻璃(00868.HK)目標價至26.6元 評級「買入」
美銀證券發表研究報告,指信義玻璃(00868.HK)去年純利為64.2億元或每股盈利1.59元,按年升43%,勝盈喜預期,末期息每股0.62元,相等於派息比率維持在50%。公司去年下半年配股,攤薄11.6億元人民幣的利潤,而去年及去年下半年的盈利若剔除有關因素,則分別升37%及65%。
該行指,公司浮法玻璃毛利率升至39.2%,相等於下半年毛利率在45%,銷售及行政開支增5%至27.6億元,主因增加銷售及生產能力所致。融資成本跌15%,主因HIBOR下降。有效稅率升至12.3%,負債比率降4個百分點。
該行升信義玻璃目標價,由22.6元上調18%至26.6元,評級重申「買入」,以反映更好的毛利預期。同時相信今年浮法玻璃的銷售可增26%,而明年亦可維持10%以上的增長。該行指,未來陸續有新廠房投入使用,同時在農曆年後玻璃價格有所上升。
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