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《大行報告》麥格理升海螺水泥(00914.HK)及潤泥(01313.HK)評級至「跑贏大市」 上調目標價
麥格理發表研究報告指,目前主要水泥企業之間正迎來變化,海螺水泥(00914.HK)正顯示其領先地位並提高其定價能力。鑑於華東及華南地區的需求改善以及煤炭價格下跌導致成本下降,每噸水泥毛利在農曆新年後的復甦好於預期。由於海螺水泥及華潤水泥(01313.HK)擁有定價能力和領先地位,評級各由「中性」上調至「跑贏大市」,海螺目標價由25元上調至36.7元,潤泥則由3.9元升至5.3元。 該行表示,將海螺水泥2023及24財年的每股盈測分別上調23%及24%,是由於煤炭成本下降、平均售價上升以及水泥銷量下降,又認為集團的淨現值(NPV)折讓應從25%收窄至15%,因為公司在經歷下行週期後展示出強勁定價能力和更可持續的業務戰略,並提高了資本配置能力。該行又分別上調華潤水泥2023及24財年的每股盈測分別20%和15%。
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