《大行報告》瑞信升東岳(00189.HK)目標價至30元 受惠PVDF價升料下半年盈利強勁增長
瑞信發表報告表示,東岳集團(00189.HK)公布今年上半年純利6.03億人民幣符合預期,相當於該行及市場原預期各43%及51%。在今年6月起PVDF(聚偏二氟乙烯,氟碳塗料的原材料之一)價格大幅上漲的背景下,市場憧憬公司主要的盈利增長應該會於今年下半年出現。
該行上調對東岳目標價,由17.5元升至30元,此按綜合方式作估值,相當於2022年預測市盈率22倍,維持「跑贏大市」評級,指該股近一個月雖已累升45%,但估值僅相當2022年預測市盈率17倍,較鋰離子電池同業折讓66%。
瑞信指,東岳目前正全力生產,料可藉7月起PVDF和有機矽價格上漲,推動公司今年下半年盈利大幅上升,該行料東岳下半年盈利可比上半年增加107%。內地近期首批燃料電池電動載具(Fuel Cell Electric Vehicle、FCEV)示範城市群的發布,將加速中國氫能的發展,有利於東岳的PEM(質子交換膜)產品業務,決定上調對其2021年至2023年每股經調整盈利預測各32.2%、53.4%及36.5%。
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