《大行報告》花旗料中國建材(03323.HK)可受惠重組計劃 重申「買入」評級
花旗發表報告指,中國建材(03323.HK)公布與附屬天山水泥(000877.SZ)簽訂合作意向,集團計劃向對方注入水泥業務資產。重組後,中國建材將繼續為天山水泥的控股股東,而是次公布意味集團開始自2017年合併以來令市場期待已久的資產重組。
該行表示,與中材合併後,中國建材承諾在三年內解決同集團下的行業競爭問題,是次公布的計劃,表明集團將每個業務板塊選擇一個上市平台。重組完成後,天山水泥將成為中國最大的上市水泥平台,擁3.45億噸熟料及4.7億噸水泥產能。另外,中國建材兩間較小型的水泥公司寧夏建材(600449.SH)及祁連山(600720.SH),亦公布集團往後將整合其水泥業務。
花旗認為,由於天山水泥的估值溢價,是次重組對中國建材未來六至十二個月的股價有正面作用,目前集團估值相當於今年預測市盈率4.9倍及市賬率0.6倍,而天山水泥估值則相當於預測市盈率9.4倍及市賬率1.7倍。該行又預期,天山水泥或需向公眾發行額外股份以維持其上市地位。
花旗重申對中國建材的「買入」評級,目標價9.7元。
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