野村:上調中建材(3323.HK)目標價25.2%至14.4港元
野村發表研究報告指出,雖然中建材(3323.HK)股價近期上漲,但相信公司資產負債表及營運效率進一步提高,將為其股價帶來進一步上升的動力,因此確認其買入評級,並上調目標價25.2%,由11.5港元升至14.4港元。
雖然野村將中建材今年水泥付運增長率由-4%調低至-5%,但卻上調其盈利預測2%,以反映較低的煤價和融資成本。野村預期,中建材持續減債,以及早前公佈的水泥資產重組計劃,將帶動公司未來幾年盈利上升,股份可望獲得重估。野村並因應最新的現金流和加權平均資本成本(WACC)預測而調升其目標價。
野村相信,中建材仍有很大空間降低營運支出,而近日水泥價格上升,亦反映水災最壞影響已經過去。

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