《大行報告》富瑞降神華(01088.HK)評級至「持有」 上調紫金(02899.HK)目標價至16.1元
富瑞發表研究報告指,進入大宗商品需求旺季,但市場缺乏亮點,由於庫存仍然較高,同時利潤水平低,利用率持平甚至縮減,雖然勞動節期間內地每星期建築面積銷售額仍錄得約20%增長,但增長勢頭似乎有所放緩。
該行指出,基建發展仍然是整體需求的關鍵所在,沒有疫情的干擾下水泥行業仍未見復甦態勢,每噸水泥價格於5月初按月下跌10元以上,每日產能亦受天氣因此影響,低於過去五年平均水平,令庫存進一步增加至72%。
行業數據亦顯示,鋼鐵需求疲軟;平均售價提升帶動玻璃價差轉正,5月初庫存進一步按月下降約20%。
該行將中國神華(01088.HK)評級從「買入」下調至「持有」,目標價降至27.49元。紫金(02899.HK)目標價則上調至16.1元,評級維持「買入」。另外富瑞亦將中煤能源(01898.HK)目標價輕微上調至8.48元,評級同為「買入」,預期5月份動力煤供應將保持充足,從印尼進口預期增加,料價格將受壓。
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