《大行報告》大和升信義光能(00968.HK)評級至「跑贏大市」 目標價下調至5.5元
大和發表報告指,信義光能(00968.HK)上月底公布業績,當中去年下半年業績表現超出市場預期,下半年毛利率較上半年回升11.2個百分點至26.4%,反映期內成本管理措施奏效。管理層同時憧憬今年首季經營狀況相對較好,在2月份需求疲軟期間光伏玻璃銷售均價僅輕微下跌,考慮到2023年上半年基數較低,該行預期今年上半年按年將強勁反彈。
大和又指,以現價水平計算信義光能提供約6.1%股息回報,頗具吸引力,去年度公司派息比率為47.8%,另外由於管理層預計今年與HIBOR掛鉤的港元借款比例將下降,人民幣借款比例相應上升,預期融資成本將隨之下降。
大和指信義光能估值較同業低水,下行風險有限,將其投資評級「持有」上調至「跑贏大市」,2024至2025財年盈利預測上調約2%至5%,以預測今年企業價值對EBITDA約10倍為估值基礎,目標價則由8.4元下調至5.5元。
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