Analyst Research Report Snapshot

Title:

東和鋼鐵 (2006 TT, NT$25.55, 持有): 評等由「增加持股」調降至「持有」

Price:

$58.00

Provider:

KGI Greater China

Date:

14 May 2014

Pages:

7

Type:

AcrobatPDF

Companies referenced:

2006.TW

Available for Immediate Download
Summary:

成長動能受限,中國競爭者為潛在隱憂 東鋼公告1Q14營收為83.7億,毛利率8.8%,稅後淨利4.3億EPS 0.44元,獲利低於原先預期的5.3億,主因在鋼筋下跌速度較廢鋼為快,使1Q14利差縮減,以生產鋼筋的觀音廠獲利下跌較多,預期2Q14東鋼季營收為90.1億,稅後淨利4.6億,獲利僅較1Q14小幅成長5.6% 東鋼H型鋼、鋼筋占營收比重分別為51%與46%,其H型鋼與鋼筋毛利率分別約11%與8%,由於市場競爭,鋼筋利潤在過去一年呈現下跌現象,政府即將在下半年開放大陸鋼筋進口,台灣鋼筋市場競爭將加劇 我們下調東鋼評等至「持有」,主要考量2014年台灣鋼筋需求較預期為弱,台灣即將開放鋼筋進口,也增加了市場競爭與不確定性,目標價為27元(原33元),相當於2014年底每股淨值的1.1倍與本益比15倍 東鋼目前交易在2014年底股價淨值比的1.05倍,處於歷史股價淨值比0.9~1.5倍的中間偏低水位,我們下調東鋼投資評等至「持有」,主要考量2014年台灣鋼筋需求較預期為弱,使本業營運成長受限,台灣即將開放鋼筋進口,也增加了市場競爭與不確定性,目標價為27元(原33元),相當於2014年底每股淨值的1.1倍與本益比15倍。

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