《大行報告》花旗下調中國聯塑(02128.HK)目標價至11元 評級「買入」
花旗發表評級報告指,中國聯塑(02128.HK)給予指引,料下半年銷量較上半年高,主要是由住宅轉向地方政府方面,有較佳的產品組合,以及在私人開發商出現清算風險時,內地執行房屋竣工等因素。該行指,公司未有派發中期股息,惟有較大機會維持今年派息約30%,料資本支出30億元人民幣。
該行表示,7至8月塑膠渠道業務表現較預期慢,惟9月份有所恢復,該行料公司銷量或會改善,惟利潤或因內地保交樓政策而下跌。該行預料,公司收入按年持平至輕微升幅,惟毛利率或按季略微下跌。
該行將公司2022年至24年每股盈測下調13%至18%,以反映內地房地產需求較預期疲軟,並下調其目標價由13元下調至11元,維持其評級為「買入」。(ca/k)
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