《大行報告》花旗下調中國聯塑(02128.HK)目標價至21元 評級「買入」
花旗發表報告,下調中國聯塑(02128.HK)2021年至2023年盈利預測3%至4%,以反映近期房地產需求低迷,目標價相應由24.5元下調至21元。
花旗指,中國聯塑今年面對幾個難題,包括原材料價格創新高、恆大事件導致房地產市場不景氣、近期電力短缺。目前股價已由5月底高位下調超過45%,該行認為似乎是過度調整,因此仍維持「買入」評級,並預計下半年的利潤增長將從上半年的31%放緩至10%,但公司在第三季繼續提高平均銷售價格,相信第三季毛利率可與上半年相若。然而,鑒於內地房地產需求放緩,料集團第四季的利潤壓力仍將會增加,因此預期下半年毛利率將由上半年29.7%降至29.4%。
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