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《大行報告》麥格理升馬鋼(00323.HK)評級至「跑贏大市」 目標價上調至5.6元
阿思達克 05-12 16:00
麥格理發表研究報告,指受惠供給側改革2.0,馬鋼(00323.HK)首季稅後純利按年升300%至15億元人民幣,勝預期,並返回2018年水平;該行料其良好毛利將會維持。該行上調其投資評級由「中性」升至「跑贏大市」,上調估值基礎,由預測今年市帳率0.5倍上調至1.2倍,目標價相應由2.5元升至5.6元。該行認為,其分散產品組合及效益改革成果開始展現。

考慮限產及新產能置換政策等,該行上調2021至2025財年內地鋼價預測8%至16%,相應上調馬鋼2021至2022年每股盈測80%至98%。該行稱,內地供給側改革2.0為鋼鐵業帶來估值重評,估值料追近亞洲同業的預測市帳率1.3倍水平。

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