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《大行報告》瑞信降東嶽(00189.HK)目標價至23元 評級「跑贏大市」
阿思達克 01-03 12:00
瑞信發表研究報告,指東嶽集團(00189.HK)早前宣佈其年產一萬噸PVDF(聚偏氟乙烯)產能擴張計劃獲批,料今年首四季投運。這意味其PVDF產能在今年底將達至每年2.5萬噸,包括與擴張計劃有關的3,000噸技術升級。在完成後,總PVDF產能中的40%屬電池級,其餘則爲工業級。這意味東嶽未來可更好地捕捉電池級PVDF價格升勢,去年12月起PVDF開始見價格分野,電池級PVDF按月升價7%,惟工業級PVDF按月降價5%。 該行模型預示電池級PVDF供不應求情況將在2023年持續;考慮新產能及價格預測,上調2021至2023年每股盈測介乎16%至56%,目標價由28元降至23元,相當於今年預測市盈率15倍,維持「跑贏大市」評級。
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