《大行報告》大摩華潤水泥(01313.HK)派息吸引籲「增持」看9.2元
大摩發表的報告指,華潤水泥控股(01313.HK)管理層將上半年銷量下跌歸因於天氣因素,而非結構性需求下跌,上半年南中國下雨的日子較去年同期多40日,而雨天的日均出貨量約為20-22萬噸,好天日均出貨量則為24-25萬噸。管理層估計隨著南中國逐步進入旺季,水泥庫存在8月稍後時間將會下跌,另外亦相信地區物業市場可繼續帶來穩定的需求。
該行指出上半年水泥價格按年下跌4.3%,但撇除匯率因素實際每噸價格按年提升4.7元人民幣,管理層仍相信若下游出貨表現回復正常,第四季應會加價。該行認為公司股息率逾7%吸引,重申「增持」評級,目標價9.2元。
潤泥管理層亦相信公司是大灣區基建項目的最大得益者,因為公司在當區擁有最大產能,規模達3,000萬噸,而更多大灣區基建項目或將在2020年宣布。 ~
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