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《大行報告》大摩:潤泥(01313.HK)次季業績略遜預期 第三季盈利仍有壓力
阿思達克 08-22 15:52
摩根士丹利發表報告指,華潤水泥(01313.HK)次季業績略遜預期,主要因為水泥平均售價及每噸毛利,以至熟料銷售均弱於預期,且骨料業務盈利貢獻亦較弱。 該行指,潤泥次季淨利潤6.58億元,略遜於該行預測的7億元,認為受次季末減價幅度擴大,有效稅率高於預期,以及骨料業務盈利貢獻較弱影響。公司建議中期息每股4港仙,意味派息比率為46%,與去年同期相若。 展望第三季,該行指水泥交付基於傳統季節性因素下將按季進一步下滑,且亦將按年下滑。動力煤價下跌的成本節省不足以抵銷自5月中的水泥價格削減,季內每噸毛利有顯著收縮風險。另一方面,骨料業務盈利貢獻增加,將部分地抵銷水泥業務疲弱。 該行給予潤泥的目標價為4.3元,評級「增持」。
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