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《大行报告》美银证券:中国建材(03323.HK)水泥资产重组符预期 重申「买入」评级
阿思达克 03-05 14:30
美银证券发表报告指,中国建材(03323.HK)与A股上市子公司天山股份(000877.SZ)公布水泥资产重组的进一步详情,与该行早前提及的相似,天山水泥将向中国建材发行股份以收购多项水泥资产,市账率为1.52倍,是该行估计的1倍至1.5倍的高位。

该行表示,是次为中国建材三个业务板块中第一个具体的重组方案,预计其工程和新材料业务会很快有更多公布,料将有助集团进一步提升盈利及筹集资金减轻负债。此外,长远而言,结构简化及进入A股市场,亦容许更佳的协同效应和潜在行业整合。

美银重申中国建材股份「买入」评级,目标价14.4元,认为集团目前估值有吸引力,相当於今年市盈率6.9倍及市账率0.9倍,明显落後於历史平均及较重组的市账率1.5倍大幅折让。

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