野村:中建材(3323.HK)派息及減債進度均勝預期 維持買入評級
中國建材(3323.HK)公佈去年全年業績,野村發表研究報告指,該公司派息率由2108年的19%升至2019年的27%,比野村及市場估計的20%為高,同時中建材減債幅度亦較預期理想,因此維持其目標價11.5港元和“買入”投資評級不變,中建材是該行於中國水泥板塊的首選股。
中建材去年純利按年升38%,略低於野村預估3%,不過,年內水泥熟料、水泥及混凝土付運卻高於該行預期。
野村表示,新型肺炎影響水泥付運,管理層預期,今年中國水泥總出貨量約21-23億噸,以中位數字計算,即按年下跌8%。若疫情如期改善,內地無第二波爆發,管理層預計今年水泥和水泥熟料出貨可維持平穩,若需求持續復甦,預測水泥和水泥熟料價格可望於4月上調。

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