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《大行报告》瑞信上调信义玻璃(00868.HK)目标价至21元 评级「跑赢大市」
阿思达克 12-04 09:48
瑞信发表研报指,信义玻璃(00868.HK)宣布拟折让17.4%收购其未持有的中国玻璃(03300.HK)所有已发行股份,交易料涉及16.4亿至16.7亿元,相当於後者2019年市盈率19.2倍至19.5倍,预期将巩固信义玻璃於市场的领先地位。

报告指,中国玻璃拥有13条浮法玻璃生产线,每日产能为6,650吨,目前每日活跃产能约5,250吨,相等於市场份额约5.7%,预期信义运用自身良好的执行能力,可帮助中国玻璃提高运营效率及提高盈利能力。

瑞信认为,信义玻璃收购中国玻璃後,市占率可提高到25%,有助在市场严格控制浮法玻璃配额的情况下降低采购成本,明年可受惠於更快速的利润增长,市场地位提升或引发估值重评。

考虑市场地位改善及信义光能(00968.HK)上调,将信义玻璃2020至2022年每股盈利预测上调8%至13%,目标价由14.1元升至21元,维持「跑赢大市」评级。

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