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《大行報告》大摩升中國聯塑(02128.HK)評級至「與大市同步」 下調目標價至4.9元
阿思達克 09-05 09:32
摩根士丹利發表報告指,中國聯塑(02128.HK)上半年純利按年升15%至15億元人民幣,勝市場預期;銷量按年升14%以及毛利率改善,表現較同業強勁。該行指其現估值相當於預測今年市賬率0.5倍,屬歷史估值谷底,同業平均則為兩倍。報告認為市場對其盈利能力較低的非管道業務和龐大海外房地產資產的擔憂已被大部分反映於股價。 展望未來,內地推出利好內房政策料將逐步見效,並轉化為實際建築工作。大摩稱,建材公司是押注內房需求邊際復甦的良好替代品,特別是聯塑這類具穩定及可盈利主業但估值處谷低的公司,在中國重新開放後去年末季呈現升浪。 大摩將聯塑目標價由5.2元下調至4.9元,其評級則由「減持」升至「與大市同步」。報告稱,對公司高債務槓桿、龐大海外房地產資產及其他收入來源如光能等維持審慎態度;倘處理有關問題有清晰進展,該行則對聯塑看法將會更趨正面。
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