You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩升海螺水泥、中建材及潤泥目標價 指華東供應缺口擴大
阿思達克 05-13 14:25
摩根士丹利發表研究報告,指由於產能互換、環境原因而導致在夏季期間安徽省的潛在大型停工等因素,今年華東地區的供應短缺將會擴大。安徽省宣布針對水泥行業的新排放標準,要求由2020年10月份起,氮氧化物的排放量要低於每立方公尺100毫克。

該行估計,在6至8月期間,有10%的熟料生產線將進行30天的維護以作技術升級,將會導致熟料庫存維持在大約低40%的水平,再加上500至600萬噸淨產能關閉,以及需求或按年增長,這或會令第三季的水泥價格優於預期。另外,由於下半年有更多新的基建項目開始建設,該行相信第四季的水泥價格將會再次超出市場預期。

大摩又指,雖然水泥股有高的盈利能力,但由於市場對其盈利敏感度有憂慮,因此水泥股過去數年的評級都被下調。然而,該行認為水泥行業是百分之百由中國需求所帶動,而且現金流表現良好,以及有高度的供應紀律。這些獨特的特點都意味水泥股的估值在今年更有機會獲重估。隨著該行上調水泥股2020至2022年的盈利預測,亦將它們的目標價上調,首選海螺水泥(00914.HK)、中國建材(03323.HK)及華潤水泥(01313.HK),目標標分別由67.1元、10.7元及11.6元上調至70元、12元及12.6元。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account