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花旗:升海螺水泥(0914.HK)目標價至65.3港元 評級“買入”
格隆匯 01-02 16:25
花旗發表報告表示,重申對安徽海螺水泥(0914.HK)“ 買入 投資評級,上調對其目標價,由原來58港元升至65.3港元,此相當預測2020年市盈率9.2倍。
該行指,內房市場於2019年下半年開始強勁,料可支持2020年上半年建築需求,兼且內地政府積極推動今年基建投資;該行估計內地水泥供應端今年增產空間有限,估計海螺水泥產品今年平均售價將可保平穩,料今年銷量按年升2%,並估計煤價下滑,將可抵銷部份勞動力成本上漲的影響,決定調高對海螺水泥於2020年及2021年純利預測各12%及16%,各至339.06億及344.98億元(人民幣,下同)。
花旗料海螺水泥於2019年第四季自身產品每噸毛利處171元(按年跌1%及按季升19%),料公司2019年至2021年每噸毛利各處157、159元及154元。

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