《大行報告》大和降信義玻璃(00868.HK)評級至「持有」 目標價維持16元
大和發表研究報告指,信義玻璃(00868.HK)的股價自去年11月初起已上漲超過60%,相信主要是由於中國樓市情緒改善,帶動浮法玻璃需求預期正面。
但由於浮法玻璃庫存仍處於歷史高位,價格亦持續下滑,該行建議投資者現時應獲利離場。大和解釋,去年市場有約75%的浮法玻璃用於房地產項目建設,考慮到新物業建設從開工到竣工通常需時三年,而去年全年累計全國新開工面積按年下降約40%,累計新竣工面積則下降19%,認為雖然政府年底起出台一系列樓市支持政策,但上游建材需求要回升仍需要數年時間,因此今年價格上漲空間有限。
而汽車玻璃方面,大和預期增長保持穩定,預計2022年信義玻璃的汽車玻璃收入可按年增長15%。大和將信義玻璃的投資評級從「跑贏大市」下調至「持有」,維持目標價16元不變,並將2022至2023年的收入及每股盈利預測分別下調6%至16%及9%至26%。
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