美銀美林:升潤泥(1313.HK)評級至“買入” 目標價上調至9.5港元
美銀美林發表研究報告指,將華潤水泥(01313.HK)評級由“中性”升至“買入”,目標價由8.2港元上調至9.5港元,相當於2020年度EV/EBITDA預測4倍,亦是2020年度預測市盈率8.1倍,該行並將集團2019年及2020年度盈利預測調高4%及8%,至80億元及81.85億元。
該行解釋偏好潤泥主因其在內地南部業務達到73%,將可受惠2019年第四季度至2020年度華南地區需求復甦;受到產能增加的影響有限;2020年度預測市盈率達6.8倍,股息率吸引,高達7.4%。
美銀美林預料,華潤水泥今年第三季銷售量按年增近3.4%至2,140萬噸,遠勝上半年按年下跌4%的情況。不過,預料第三季水泥每噸均價將下降24元,主因受累人民幣持續貶值。預期第四季,水泥銷量按年增5%,同時料每噸均價按季反彈15-20元,若以人民幣計算,均價按年持平,若以港元計,均價及每噸利潤則受壓。
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