大行評級|大摩:上調海螺水泥目標價至24.5港元 具有較好的盈利能見度
摩根士丹利發表研究報吿指,因應海螺水泥今年第四季至今熟料和水泥出貨量按年下跌10%,相應亦下調今年全年出貨量預測,2025至2026年預測因基準按年變動而輕微下降,因此目前大摩對海螺水泥2024至2026年每股盈測已分別下調7.7%、6.4%和6.2%,至1.66元、2.11元和2.09元。根據管理層下調資本開支指引,大摩也將按市價計算的AH溢價下調至35%,H股目標價因此由原先21.9港元上調至24.5港元。大摩認為,由於其華東地區業務敞口較大,以需求及利潤率而言屬最佳,海螺水泥具有較好的盈利能見度,同時憧憬其海外擴張計劃及中國潛在併購,可為中長期增長前景提供支持,給予“增持”評級。
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