《大行報告》高盛升福耀玻璃(03606.HK)目標價至46元 ROE改善料有機會獲重評
高盛發表報告指,相比內地汽車年初至今股價跌19%,福耀玻璃(03606.HK)H股則跌6%,相信這跑贏市場的表現反映市場預期集團收入擴張、盈利能力強勁、有能力佔據海外需求及派息率吸引。該行認為,與其他被該行覆蓋的下游公司比較,福耀玻璃的風險報酬頗具吸引力,相信集團有能力同時抓緊國內與海外的需求。
該行看到福耀玻璃獲重評的機會,受惠其股本回報率正在改善,預計在2023年至25年各年股本回報率分別達19.5%、20.6%及21.7%。該行料公司未來數年維持70%派息率,可在2023/24財年分別產生4.8%及5.3%股息率,並微調去年收入及純利預測,同時將2025年和2026年純利預測分別上調2%及4%,目標價由43元上調至46元,維持評級為「買入」。(ca/k)
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