《大行報告》匯豐研究下調鞍鋼(00347.HK)及馬鋼(00323.HK)目標價 不預期短期出現結構性反彈
匯豐研究發表報告,指今年來鋼材平均價格下降約6%,由於鋼鐵貿易商及主要鋼鐵廠的庫存水平仍維持在歷史高位,相信價格仍有進一步下行的風險。該行相信,鋼價將繼續受壓,直至產量下降至足以抵銷今年首季的供應過剩。另外,短期內不會出現削減產能的情況,意味鋼價將會在較長時期維持疲軟。
該行又提到,中國鋼鐵股今年來的股價累跌28%,雖然估值接近低位,但不預期短期內會出現結構性反彈。雖然該行對前景抱負面態度,但仍維持鞍鋼(00347.HK)「持有」投資評級,因為其估值已到低位,因此進一步的下跌空間有限,目標價由2.6元下調至2.15元。然而,卻認為馬鋼(00323.HK)有進一步的下行空間,目標價由2.3元下調至1.9元,投資評級為「減持」。
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