里昂:上調潤泥(1313.HK)目標價至10.5港元 評級“買入”
里昂預期,華南水泥市場經歷今年首八個月較差市況後已見好轉,面對第四季旺季來臨行業供求將在明年得到改善,故上調華潤水泥(1313.HK)
今年至2021年盈利預測1.7%至6.6%,將目標價由9.42港元上調至10.50港元,維持“
買入
”評級。
里昂指,今年首八個月華南水泥市場面對不少崎嶇,但市況自9月以來已見不錯起色,預計第四季旺季期間區域需求足夠強勁,足以抵消非雨天天數按年減少19%,以及廣西新增供應的影響。該行並估計,在新供應有限的情況下,受惠於基礎設施和房地產建設前景良好,華南地區的供需情況將在2020年有所改善,將潤泥今年度盈利預測上調1.7%,明年及後年更分別上調6.6%及4.4%,以反映10月至今水泥價格回升速度好過預期。
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