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野村料润泥(1313.HK)第二季纯利按年持平防守性高续吁买入
格隆汇 07-31 10:52

野村发表报告指出,由于季节性需求上升以及水泥价格稳定,预期华润水泥(01313.HK)第二季纯利将达22亿元,按年持平,胜市场预估的18亿元,并扭转首季17%的跌幅。野村认为,华润水泥生产成本低、资产负债表改善,加上股息收益率高,股份具防守性,维持“买入”评级及目标价9.8港元。

野村估计,华润水泥每公吨成本比行业领头海螺水泥(00914.HK)仅稍高7%,而海螺水泥生产规模却是华润水泥的3﹒4倍,较低成本将令华润水泥在水泥行业衰退期中较具防守性。

该行同时预期华润水泥将于2019变为淨现金公司,淨现金流于2019及2020财年将达43亿元及97亿元。股息率方面,预测为7-8%,相信对股价带来强力的支持。

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