大行評級|摩根大通:上調中國宏橋目標價至17港元 維持“增持”評級
摩根大通發表報告指,中國宏橋63%派息比率帶來上行驚喜,預期宏橋將在鋁冶煉利潤的支持下維持高派息率。同時相信公司發行可轉換公司債並不令人感到意外,轉換價格顯示管理層對公司盈利前景充滿信心。儘管股價已創下歷史新高,現價相當於1.1倍市賬率(P/B),但仍低於1.3倍P/B的最高估值水平。鑑於以下因素,該行維持對鋁價及冶煉利潤的建設性看法,包括太陽能、機械及白色家電需求穩健,及中國4500萬噸年產能上限。該行對公司目標價由13.2港元上調至17港元,維持“增持”評級。
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