《大行报告》美银证券下调润泥(01313.HK)目标价至11.5元 评级「买入」
美银证券发表报告表示,润泥(01313.HK)管理层透露今年至今销量下跌约30%,与市场一致,但近期市场需求有复苏迹象,且大部分地区回复至正常水平的90%,当中农村需求复苏得最早及最快,其次是基建,而房地产需求落後,目前仅恢复了80%。
报告指,如果需求加速及天气配合的话,水泥价格有望在4月至5月上涨,而下半年则有望受惠於政府的刺激措施。整体而言,润泥今年全国和华南地区的水泥需求持平,公司维持稳定派息率。该行下调其今年盈利预测6%,目标价相应由12元降至11.5元,维持「买入」评级,因预期有潜在基建刺激措施推出。
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