《大行报告》大摩华润水泥(01313.HK)派息吸引吁「增持」看9.2元
大摩发表的报告指,华润水泥控股(01313.HK)管理层将上半年销量下跌归因於天气因素,而非结构性需求下跌,上半年南中国下雨的日子较去年同期多40日,而雨天的日均出货量约为20-22万吨,好天日均出货量则为24-25万吨。管理层估计随着南中国逐步进入旺季,水泥库存在8月稍後时间将会下跌,另外亦相信地区物业市场可继续带来稳定的需求。
该行指出上半年水泥价格按年下跌4.3%,但撇除汇率因素实际每吨价格按年提升4.7元人民币,管理层仍相信若下游出货表现回复正常,第四季应会加价。该行认为公司股息率逾7%吸引,重申「增持」评级,目标价9.2元。
润泥管理层亦相信公司是大湾区基建项目的最大得益者,因为公司在当区拥有最大产能,规模达3,000万吨,而更多大湾区基建项目或将在2020年宣布。 ~
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