高盛升西部水泥(2233.HK)评级至“买入”目标价上调至1.9港元
高盛发表研究报告,上调西部水泥(02233.HK)2019至2021年盈利预测80至131%,以反映水泥每单位毛利高于预期;低成本新生产线的贡献增加;以及特种水泥、骨料及固体废物中的其他建筑材料业务扩张。
该行指,虽然看到行业下行风险,将令水泥毛利率从现水平再下跌,但大部分风险将被公司资产组合改善所抵销。该行预期公司2021年将录得净现金(2018年净负债比率26%)。高盛将西部水泥评级由“中性”上调至“买入”,目标价由1.2港元升至1.9港元。
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