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《大行報告》花旗下調華潤水泥(01313.HK)目標價至11.7元 評級「買入」
阿思達克 03-17 09:40
花旗發表的研究報告指,華潤水泥控股(01313.HK)去年淨利升4%至89.6億元,較市場及該行預期低11%及10%,意味第去年第四季淨利按年跌45%至16億元,而去年毛利156億元按年持平,全年經營溢利跌6%,主要因為一般及行政開支按年增加37%,同時公司有7.45億元減值損失及1.67億元壞帳入帳,如撇除減值損失、外匯的影響,期內核心淨利按年升11%至96.4億元,公司宣派末期息每股0.34元,全年派息每股0.615元,派息比率為47.9%。

該行指出去年第四季公司售出2,900萬噸水泥及熟料,按年升9%,按季則升16%,不過平均銷售單價每噸378元則較該行預測低1%,單位成本每噸231元,分別按年及按季升13%及16%,第四季每噸利潤147元亦按年下跌20%,如撇除向關聯方銷售,第四季經調整每噸利潤為156元。期內公司售出420萬平方米混凝土,按年升1%、按季升13%,而每噸利潤為97元,分別按年及按季跌7%及22%。

花旗認為其資產負債表穩健,對2021/22年的資本開支指引分別為57.09億元及28.91億元。該行將公司2021/22年盈利預測分別降10%及7%,以反映水泥及熟料平均銷售單價下降,以及單位成本上升,目標價由12.9元降至11.7元,評級維持「買入」。(el/k) ~

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