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汇丰研究:降海螺水泥(0914.HK)目标价至52港元 评级“买入”
格隆汇 08-28 14:07
汇丰研究发表研究报告指,海螺水泥(0914.HK) 自行生产的水泥熟料产品销量按年增4%至8400万吨,每吨毛利按年升6%至161元人民币,优于预期,推动第二季盈利按年增12%至92亿元人民币,较预期为佳。同时,管理层对今年第四季需求有信心,以及预计整体水泥价格将于9月份开始上升。
该行指,管理层维持今年资本开支目标100亿元人民币(不包括并购),相对强劲的经营现金流超过350亿元人民币,不过管理层亦称派息比率将会继续基于股息率表现,即是基于公司股价表现。由于该股年初至今股价颇为震荡,相信管理层现时不太可能增加派息。
汇丰研究维持海螺水泥“ 买入 ”评级,目标价由55港元降至52港元,以反映今年底每1人民币兑1.08港元之预测。
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