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《大行報告》摩通下調信義玻璃(00868.HK)目標價至20.4元 評級「增持」
阿思達克 03-01 10:19
摩根大通發表報告,指由於信義玻璃(00868.HK)對房地產行業的高度敞口,被視為押注新屋竣工率的替代品。當前行業產能開工率按年下降8%及行業領導者的新增產能有限。與其他建築相關材料一樣,該行預計行業利潤率將在今年剩餘時間內逐漸恢復正常。 該行指,在中國有約70%的浮法玻璃用於房地產行業,又預期內地在房地產政策方向上應該不會有重大轉變,但料銷售將持續溫和復甦。隨著政策進一步放鬆,這將推動玻璃需求逐步改善。 該行提到,集團今年計劃不增加浮法玻璃或建築玻璃的新增產能,是近六年來的首次。根據管理層指引,今年其資本支出將保持在25億元的低位,按年低5%。該行將集團2023至25財年的盈測下調介乎4%至47%,下調目標價15%,由24元降至20.4元,評級為「增持」。
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