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《大行報告》美銀證券下調中國建材(03323.HK)目標價至13元 評級「買入」
阿思達克 11-01 10:44
美銀證券發表報告,將中國建材(03323.HK)目標價由15.5元下調至13元,因為水泥股在房地產建設需求放緩的擔憂下過度地大幅調整,認為目前3.8倍的2021財年市盈率的估值相當具吸引力,重申「買入」評級。 該行指,集團最新業績好於預期的原因,包括減值及淨利息支出減少,以及實際稅率降低。 美銀證券指,中建材最近正式完成水泥資產重組,中期而言,將有助通過協同效應提升公司盈利。同時,該行對其前景保持樂觀,因中國建材承諾控制其減值,從而提高盈利的能見度,而其新材料和工程業務經過多年的發展變得更多元化,助抵銷水泥周期性的影響。該行上調中建材2021年盈測9%,但維持2022-23年盈測不變。
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