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《大行》星展降福萊特玻璃(06865.HK)目標價至6.4元 降評級至「完全估值」
星展發表研究報告指,雖然福萊特玻璃(06865.HK)正積極減省成本並提高利潤,但該行對大量新產能涌入市場感到憂慮。儘管目前供過於求,但每日正在建設的產能至少有1萬至1.2萬噸,新供應料將限制銷售均價於中期的上行潛力。 不過,該行表示,由於新電價機制,預期下半年的產能增長將顯着放緩,而考慮到較弱的均價,將福萊特玻璃今明兩年的收入增長預測下調約11個百分點。該行又將集團目標價由7.5元調降至6.4元,評級由「持有」降至完全估值(Fully Valued)。該行預計,集團今年盈利將下跌18%,但將於明年反彈29%。
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