大行评级|花旗:降建滔积层板目标价至92港元,急跌后呈入市时机

格隆汇
Aug 13
花旗发表报告,建滔积层板自6月高位累泻逾六成,认为现在是重新进场时机,料今年下半年盈利增长加快。该行料建板下半年纯利同比升幅将加快至2.8倍(上半年同比升约2倍)。该行称,留意到公司有三大正面催化剂,包括(1)在8月初起电子玻璃纤布成本通胀后,覆铜板(CCL)8月销售均价通胀料介乎10%至15%;(2)在8月24日公布业绩后,市场焦点将转至今年下半年盈利增长展望料较上半年加快;(3)建板8月启动T型玻璃纤维布(T布)生产线。 考虑公司上半年盈喜逊该行预期,加上市场对主要数据中心营运商的AI资本开支以及英伟达循环融资的忧虑加剧,下调建板2026至28年盈测介乎9%至14%;以目标市盈率22倍(较历史均值高于1.5个标准差)计,目标价由130港元下调至92港元,降幅约29%,评级由“买入”调整至“买入/高风险”。

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