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《大行报告》汇丰研究下调海螺水泥(00914.HK)目标价至68元 评级「买入」
阿思达克 03-29 10:19
汇丰研究发表报告,指即使在首季基数较低下,安徽海螺水泥(00914.HK)管理层料今年销售按年持平,低於预期,意味第二季起销售将下跌,该行料归咎於内地房市不确定性,在内房融资监管收紧下房屋需求放缓。

不过,报告称,即使需求展望平平,但该行相信在持续供给侧改革下,销售均价及高盈利可以维持。华东及华南地区水泥需求已恢复至正常水平,在库存较正常水平低的情况下水泥价格正在上升。

汇丰称,海螺水泥去年第四季税後纯利按年升6%,主因对上一年录大额减值所致;倘撇除一次性项目,纯利则见下跌。该行重申予其「买入」评级,目标价由70元降至68元,以反映盈测轻微下调及在环保要求下更高资本开支。

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