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《大行報告》美銀證券:中國建材(03323.HK)水泥資產重組符預期 重申「買入」評級
阿思達克 03-05 14:30
美銀證券發表報告指,中國建材(03323.HK)與A股上市子公司天山股份(000877.SZ)公布水泥資產重組的進一步詳情,與該行早前提及的相似,天山水泥將向中國建材發行股份以收購多項水泥資產,市賬率為1.52倍,是該行估計的1倍至1.5倍的高位。

該行表示,是次為中國建材三個業務板塊中第一個具體的重組方案,預計其工程和新材料業務會很快有更多公布,料將有助集團進一步提升盈利及籌集資金減輕負債。此外,長遠而言,結構簡化及進入A股市場,亦容許更佳的協同效應和潛在行業整合。

美銀重申中國建材股份「買入」評級,目標價14.4元,認為集團目前估值有吸引力,相當於今年市盈率6.9倍及市賬率0.9倍,明顯落後於歷史平均及較重組的市賬率1.5倍大幅折讓。

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