《大行报告》花旗下调华润水泥(01313.HK)目标价至11.7元 评级「买入」
花旗发表的研究报告指,华润水泥控股(01313.HK)去年净利升4%至89.6亿元,较市场及该行预期低11%及10%,意味第去年第四季净利按年跌45%至16亿元,而去年毛利156亿元按年持平,全年经营溢利跌6%,主要因为一般及行政开支按年增加37%,同时公司有7.45亿元减值损失及1.67亿元坏帐入帐,如撇除减值损失、外汇的影响,期内核心净利按年升11%至96.4亿元,公司宣派末期息每股0.34元,全年派息每股0.615元,派息比率为47.9%。
该行指出去年第四季公司售出2,900万吨水泥及熟料,按年升9%,按季则升16%,不过平均销售单价每吨378元则较该行预测低1%,单位成本每吨231元,分别按年及按季升13%及16%,第四季每吨利润147元亦按年下跌20%,如撇除向关联方销售,第四季经调整每吨利润为156元。期内公司售出420万平方米混凝土,按年升1%、按季升13%,而每吨利润为97元,分别按年及按季跌7%及22%。
花旗认为其资产负债表稳健,对2021/22年的资本开支指引分别为57.09亿元及28.91亿元。该行将公司2021/22年盈利预测分别降10%及7%,以反映水泥及熟料平均销售单价下降,以及单位成本上升,目标价由12.9元降至11.7元,评级维持「买入」。(el/k) ~
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