野村维持中国建材(3323.HK)“中性”评级目标价6.6港元
野村发表研究报告出,中国建材(3323.HK)中期纯利低于该行预测6%,下半年前景稳定,维持“中性”评级,目标价为6.6港元,即较上周五(23日)收市价6.92港元仍有下行约5%的空间。在中国水泥行业中,野村比较看好华润水泥(1313.HK)和安徽海螺(0914.HK),两者均予“买入”评级。
虽然野村估计,内地水泥需求于今年及明年分别可增加5%和3%,但关注一旦放宽政策结束,长期需求成疑。
报告又提到,中国建材今年上半年纯利按年增加51%至58亿元人民币,比野村估计的61亿元人民币低6%。上半年强劲的业绩归功于物业投资增长佳、基建开支稳定,以及正常化的减产。上半年,中国建材净负债约1784亿元人民币,与去年同期的1781亿人民币相若。净负债比率从去年同期的246%下降至234%,野村认为未算显著改善。野村又预期,环保政策收紧加上减产,将使今年下半年的水泥供需前景稳定。
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