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野村微降海螺水泥(0914.HK)目标价至53港元台日水泥需求下降
格隆汇 08-09 15:16

野村发表研究报告指出,由于水泥订单量较预期佳,因此上调海螺水泥(0914.HK)今年及明年度的盈利预测3%及6%,惟因台湾及日本水泥市场对水泥需求量渐降,微降目标价由53.7港元至53港元。

野村指,由于生产成本下降,强劲的资产负债表和高派息率,令海螺水泥成为长线优质并具防守性的水泥股,亦料今年及明年度水泥的需求和价格稳定,预料水泥需求按年分别增加5%和3%,而海螺水泥市占率提升,将使公司今年和明年付运分别增加7%和6%。

野村又相信海螺水泥大量的自由现金流,足以支持其派息率由2018年的30%,升至今年和明年分别的35%和40%。同时,野村提到海螺水泥每吨174元人民币的生产成本,乃该行所覆涵水泥股中最低者,一旦竞争加剧,可为股份下行带来缓冲的作用。

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