[ET Net News Agency, 11 July 2018] Credit Suisse maintained its target price for Fuyao
Glass Industry Group (03606) at HK$32 unchanged, but upgraded its rating to "outperform"
from "neutral" .
The research house said falling float glass price will benefit Fuyao Glass, because
Fuyao is a consumer of float glass - externally purchasing around 20% of its float glass
usage. Meanwhile, Fuyao's high vertical integration makes it defensive against higher soda
ash price.
Fuyao Glass is likely to see margin recovery from 3Q, driven by capacity ramp-up at its
automobile glass project at Ohio, in the US. Credit Suisse expects Fuyao's gross margin to
improve to 44-45% from 2019, with the Ohio auto glass project reaching utilisation of
70-80%. (KL)
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03606 FUYAO GLASS
Nominal 
49.150 -0.850 (-1.700%) Others
11/07/2018 14:22
[I-bank focus]CS lifts Fuyao Glass (03606) to "outperform"
| Remark: | Real time quote last updated: 20/09/2024 14:15 |
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