CICC: Maintains Buy Rating on Xinyi Glass, Target Price of 8.5 Hong Kong Dollars.
Zhongjin released a research report stating that considering the pressure on the float glass business this year, but the industry outlook is expected to improve marginally. They have adjusted their EPS for Xinyi Glass for 2025 by 21% to 0.52 yuan and maintained their EPS for 2026 at 0.68 yuan. The current stock price corresponds to a P/E ratio of 14/11x for 2025/2026. Taking into account the potential impact of "anti-inner loop" on the float glass industry, the bank maintains an outperform rating on the industry and a target price of 8.5 Hong Kong dollars, corresponding to P/E ratios of 15x/11x for 2025/2026, implying a 5% potential upside.
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