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《大行報告》中金削信義玻璃(00868.HK)目標價36%至10.3元 去年業績遜預期
中金發表報告指,信義玻璃(00868.HK)去年營收按年升4%至268億元;純利按年升5%至54億元;其中持股信義光能(00968.HK)等獲得投資收益約10億元。公司去年業績低於預期,主要由於去年下半年純堿價格維持高位,利潤率修復程度略低於預期。 報告指,考慮到行業復產情況超預期以及竣工需求存在下滑風險,下調今年每股盈利預測38%至1.27元,引入明年預測1.07元,當前股價分別對應預測今明兩年市盈率分別6倍和7倍。維持「跑贏行業」評級,下調目標價36%至10.3元,對應預測今明兩年市盈率分別8倍和10倍。
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