野村:昇華潤水泥(1313.HK)目標價至14港元 重申買入評級
野村發表研究報告指,華潤水泥控股(1313.HK)第3季水泥出貨量增加,營運支出比率下降,以及所得税降低,因而錄得強勁表現。該行上調公司目標價由原本的13.5港元升至14港元,重申買入評級。
野村表示,華潤水泥第3季淨利潤按年增長58%至32億元,超出該行預期;收入就亦有強勁增長,相信是由於降雨減少,在有利的天氣條件下,水泥出貨量增加。在水泥行業的悲觀情緒中,公司第三季出色的表現,可能為公司和行業帶來積極的催化劑。
該行指,看到第4季的價格開始上漲,而由於高基數的影響,相信第4季盈利將會錄得下跌。管理層提到,雖然第4季價格上升的時間今年將會延遲,但升幅都較去年大,因此將一如以往,第4季將屬旺季。不過,第4季的收入將會按年下跌6%,按季亦估計將跌19%,主要由於降雨導致的需求被壓抑,導致第3季基數較高。

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