《大行報告》匯豐研究降華潤水泥(01313.HK)目標價至9.2元維持「買入」評級
匯豐研究發表報告指,華潤水泥(01313.HK)第二季盈利符該行預期,公司管理層解釋今年來由於天雨關係影響市場需求,當中南中國下雨的日子較去年同期多40日,但料至第四季南中國的建造活動會恢復且進入旺季。
由於內地推出較嚴格的環保條例,審批水泥新產能的需時較以往為長,因此該行認為現時潛在供應在可控範圍內。華潤水泥是該行水泥行業的首選,主因其估值低,且下行風險有限,而2019年預測股息率達7%。
不過,該行下調華潤水泥2019至2021年盈利預測3%至7%,以反映其最新業績表現及人民幣疲弱,同時將目標價由10元降至9.2元,重申「買入」評級。
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