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《大行報告》匯豐研究下調海螺水泥(00914.HK)目標價至68元 評級「買入」
阿思達克 03-29 10:19
匯豐研究發表報告,指即使在首季基數較低下,安徽海螺水泥(00914.HK)管理層料今年銷售按年持平,低於預期,意味第二季起銷售將下跌,該行料歸咎於內地房市不確定性,在內房融資監管收緊下房屋需求放緩。

不過,報告稱,即使需求展望平平,但該行相信在持續供給側改革下,銷售均價及高盈利可以維持。華東及華南地區水泥需求已恢復至正常水平,在庫存較正常水平低的情況下水泥價格正在上升。

匯豐稱,海螺水泥去年第四季稅後純利按年升6%,主因對上一年錄大額減值所致;倘撇除一次性項目,純利則見下跌。該行重申予其「買入」評級,目標價由70元降至68元,以反映盈測輕微下調及在環保要求下更高資本開支。

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