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《大行报告》汇丰研究降华润水泥(01313.HK)目标价至9.2元维持「买入」评级
阿思达克 08-13 15:05

汇丰研究发表报告指,华润水泥(01313.HK)第二季盈利符该行预期,公司管理层解释今年来由於天雨关系影响市场需求,当中南中国下雨的日子较去年同期多40日,但料至第四季南中国的建造活动会恢复且进入旺季。

由於内地推出较严格的环保条例,审批水泥新产能的需时较以往为长,因此该行认为现时潜在供应在可控范围内。华润水泥是该行水泥行业的首选,主因其估值低,且下行风险有限,而2019年预测股息率达7%。

不过,该行下调华润水泥2019至2021年盈利预测3%至7%,以反映其最新业绩表现及人民币疲弱,同时将目标价由10元降至9.2元,重申「买入」评级。

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