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《大行报告》大和降信义光能(00968.HK)评级至「持有」 目标价下调至13.5元
阿思达克 10-19 10:27
大和发表报告指,信义光能(00968.HK)股价在过去两个月大升了56%,主要是因太阳能玻璃价格自7月起累计上升了60%。由於在供应增加的情况下玻璃价格进一步上升空间有限,该行相信市场情绪已大致反映,而且因供需动态改善,预期太阳能玻璃价格在明年及2022年或会调整。

在股价大升逾50%後及未来催化剂有限下,大和下调信义光能股份评级,由「跑赢大市」降至「持有」,目标价亦由16元调低至13.5元,并降集团明年及2022年每股盈利预测8%至11%,以反映新的产品均价假设。

该行认为,信义光能现时估值高企,短期或面对投资者锁定利润压力;撇除太阳能发电场业务後现估值相当於明年预测市帐率10倍,对比福莱特玻璃(06865.HK)仅为6倍计,前者估值高出约70%,在毛利率相若下,预料两企估值差距会收窄。

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