大行评级|瑞银:下调海螺水泥目标价至17港元 维持“中性”评级

Big Bank Rating | UBS: Lowering the target price of conch cement to HK$17 to maintain a “neutral” rating

Gelonghui Finance ·  Mar 22 05:06

UBS released a report saying that Conch Cement's profit fell 33% to 10.4 billion yuan last year, falling short of the bank's expectations. As the gross profit forecast for cement and clinker declined due to increased price competition, the profit forecast for 2024 to 2026 was lowered by 6 to 11%, and the target price was lowered from HK$17.95 to HK$17, maintaining a “neutral” rating. According to UBS, sales of Conch Cement grew well last year, but during the traditional peak season, cement profit margins deteriorated, while overall investment returns declined. However, the bank believes that there is an upward risk of investment income this year, because Western Cement's overseas business will be able to make a greater contribution to Conch Cement after excluding one-off projects.

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