大行評級 | 花旗:信義玻璃去年業績表現欠佳 目標價21港元
格隆匯2月28日丨花旗發研報指,信義玻璃(0868.Hk)去年業績表現疲弱,收入同比跌15%至257億港元,純利急挫56%至51.27億港元,與集團此前公佈的盈警相符。單計去年下半年,信義玻璃純利分別同比和按半年大跌71%和45%至18.22億港元。報吿予“買入”評級,目標價21港元。報吿指,業績欠佳是受累於期內內地疫情爆發和房地產市場需求疲軟下,浮法玻璃和建築玻璃出貨量下降以及浮法玻璃的平均售價急跌;成本通脹導致利潤率收窄;由於運輸成本增加和美國關税導致銷售費用增加,以及聯營公司產生的收益減少。集團派發末期股息0.22港元,派息率50%,年度股息率2.9%。該股現報14.7港元,總市值604億港元。

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