《大行報告》瑞信下調東岳集團(00189.HK)目標價至14.4元 評級「跑贏大市」
瑞信發表研究報告指,岳集團(00189.HK)去年淨利潤增長169%,當中去年下半年淨利更按年升300%,相信主要受惠於去年6月起聚偏氟乙烯(PVDF)價格上漲。
去年下半年集團聚合物板塊經營溢利較上半年上升151%,推動期內利潤上升,同時有機矽亦表現強勁,較上半年升104%。瑞信預期趨勢將持續,為東岳今年的增長繼續提供支持。
該行又指,PVDF供需失衡狀況預期將在今年持續存在,要到下半年短缺情況才開始改善,估算2022至2023年電池級 PVDF平均價格將由高位的40萬元人民幣,回落至37萬及25萬元人民幣。
基於分類加總估值(SoTP),瑞信將東岳的目標價下調至14.4元,維持「跑贏大市」評級。
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