美銀美林:升海螺水泥(0914.HK)評級至“買入” 目標價升至54港元
美銀美林發表報告,上調
海螺水泥
(0914.HK)
2019至2021年盈利預測3%至4%,且將其H股投資評級由“
中性
”升至“
買入
”,目標價亦由50港元升至54港元。
該行解釋,主因
海螺水泥
於華東/華南地區的業務比重為47%及15%,正好是該行認為供求首選的地區;目前股價相當於2020年預測市盈率約7倍及健康現金流,估值被低估;而且該公司是基礎設施潛在的受惠者。
美銀美林估計,在華東地區業務帶動下,海螺水泥
今年第三季銷量按年升11%至8540萬噸,高於市場預期及該上半年6.6%的按年升幅;至於第四季水泥需求將持續,但按年增長率可能降至零或低單位數,主因去年第四季度之基數不尋常地偏高。
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