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《大行報告》麥格理下調潤泥(01313.HK)目標價至3.8元 評級「跑輸大市」
阿思達克 08-16 11:06
麥格理髮表評級報告指,若剔除改以綜合會計方式計算的2.3億元收益,潤泥(01313.HK)實際淨利潤爲16億元,遜預期。另外,公司公佈未完成項目的清單,當中有208億元爲未支付資本開支的項目,在水泥行業下行週期,龐大的資本開支或會侵蝕公司的自由現金流收益率,並進一步將其淨負債率由去年的2.9%提升至今年的25%。 該行表示,基於公司市佔策略,料公司今年水泥熟料銷量持平,意味下半年銷量按年增27%。 該行將公司2022至2024年每股盈測調整爲升4%、跌2%及升1%,目標價降10%至3.8元,維持其評級爲「跑輸大市」。(ca/k) ~
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