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野村:上調海螺水泥(0914.HK)至買入 降目標價至61.2港元
格隆匯 03-23 14:01

野村發表研究報告指出,海螺水泥(0914.HK)去年純利為336億元人民幣,符合該行及市場預期,儘管新冠狀病毒爆發,惟公司預期今年銷售量保持穩定,上調海螺水泥H股投資評級至“買入”,惟將目標價輕微調低1.3%至61.2港元,以反映最新現金流預測。

野村已將海螺水泥今年出貨預測由原來按年增長2%,調低至接近零增長,每股盈利預測亦因此下調1%,但野村認為公司目前股價吸引,建議投資者在旺季來臨前收集股份。一旦中國政府推出的寬鬆政策在下半年的成效可顯現,將不排除會調升公司今年的盈利預測。

野村續指,海螺水泥預期今年水泥和熟料出貨量為3.18億噸,按年下跌1.5%,主要是受疫情影響及中國今年首2個月水泥銷售量按年跌29%。不過,該行指出,水泥銷售量已持續在加速,由於第二季為行業旺季,估計4月初售價將會上漲。

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