野村微降润泥(1313.HK)目标价至9.5港元长线防守性股份选择
野村发表研究报告维持华润水泥(01313.HK)今明两年盈利预测不变,但料长远需求将逐步放缓,因此略为下调目标价,由9.8港元降至9.5港元,但维持“买入”投资评级。

野村估计润泥今年盈利将按年下跌5%,主要受到不良天气影响,但对其长远发展维持正面看法,随著现金流和资产负债表改善,相信润泥的派息比率有上行空间,而且润泥的应收账款周转天数较短,其信用状况较佳。
野村续指,由于较高的季节性需求和稳定的水泥价格,预期今财年第二季润泥纯利为22亿元,鱼峰水泥扩产料不会对广东或广西市场造成巨大影响,因为第四季度强劲的季节性需求应可吸收潜在供应增加。
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