You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩下調海螺(00914.HK)、潤泥(01313.HK)及西部水泥(02233.HK)目標價
摩根士丹利發表研究報告指出,內地目前的復甦多由消費驅動,而不是由傳統的房地產/基建主導,令復甦速度遜預期。由於第二季增長放緩,該行料北京將加大刺激力度以保障復甦,除了將新能源車購買免稅期限延長外,該行預期當局將出臺的措施包括放寬一、二線城市的限購令;提供1萬億元人民幣的額外基建支援,以抵銷土地銷售缺口;更多針對消費者激勵措施。預期明年政策立場或保持寬鬆。 該行認爲,年初至今房地產竣工率改善,及以房地產銷售的復甦,令石膏板、防水材料和塑料管道的需求改善,加上市場整合,使建材股當前的估值看來吸引。然而,由於市場看淡內房領域,建材股一直受壓,目前價格在谷底水平附近。該行偏好北新建材(000786.SZ)及東方雨虹(002271.SZ)等。 此外,鋼筋和水泥出貨量等高頻數據處於較低水平,與去年同期相似,主要是受到資金困難和不利天氣條件的拖累。受此影響,華東等地區的部分中小水泥生產商不願實施錯峯生產,導致區域性價格下調。另一方面,行業龍頭企業目前擬在2023年底或2024年初自願引入碳交易,可能會導致行業有效供應削減和潛在的利潤恢復。 該行將海螺(00914.HK)、潤泥(01313.HK)及西部水泥(02233.HK)目標價作出下調,將海螺目標價由35.7元下調至29.4元;潤泥目標價由4.7元降至4.3元;西部水泥目標價由1.19元下調至1元。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account