《大行報告》瑞信下調東嶽(00189.HK)目標價至28元 評級「跑贏大市」
瑞信發表研究報告,指東嶽集團(00189.HK)受內地化工行業負面情緒及限電憂慮夾擊,上月股價大幅回調。按該行與公司溝通所得,除氯甲烷業務外,東嶽營運正常,至今未受到任何限產影響。
據最新行業數據,聚偏二氟乙烯(PVDF)價格達每噸30萬元人民幣,反映市場持續緊張。這料有助東嶽聚合物板塊經營溢利繼上半年按半年升125%後,下半年續按半年倍升至8.26億元人民幣。
該行指出,行業矽氧樹脂價格9月按月升兩倍,因雲南省要求本地行業生產商削減90%產能至年底,以支持減排。該行認爲,這或對下半年矽氧樹脂盈利帶來下行風險,抵銷PVDF價格上升帶來的上行。
瑞信降東嶽2021至2023年每股盈測介乎2%至4%,以反映矽氧樹脂板塊盈利展望轉弱。以分類加總估值法計,目標價由31元降至28元,維持「跑贏大市」評級。
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