《大行报告》美银证券上调信义玻璃(00868.HK)目标价至26.6元 评级「买入」
美银证券发表研究报告,指信义玻璃(00868.HK)去年纯利为64.2亿元或每股盈利1.59元,按年升43%,胜盈喜预期,末期息每股0.62元,相等於派息比率维持在50%。公司去年下半年配股,摊薄11.6亿元人民币的利润,而去年及去年下半年的盈利若剔除有关因素,则分别升37%及65%。
该行指,公司浮法玻璃毛利率升至39.2%,相等於下半年毛利率在45%,销售及行政开支增5%至27.6亿元,主因增加销售及生产能力所致。融资成本跌15%,主因HIBOR下降。有效税率升至12.3%,负债比率降4个百分点。
该行升信义玻璃目标价,由22.6元上调18%至26.6元,评级重申「买入」,以反映更好的毛利预期。同时相信今年浮法玻璃的销售可增26%,而明年亦可维持10%以上的增长。该行指,未来陆续有新厂房投入使用,同时在农历年後玻璃价格有所上升。
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