Analyst Research Report Snapshot

Title:

台泥(1101.TT)股價已反映和平電廠利空,中國水泥市場逐漸回溫,維持建議買進

Price:

$23.00

Provider:

SinoPac Sec Investment Service Traditional Chinese

Date:

01 Apr 2013

Pages:

4

Type:

AcrobatPDF

Companies referenced:

1101.TW

Available for Immediate Download
Summary:

股價已反映和平電廠罰款利空,大陸水泥產業趨勢仍穩健向上,維持買進建議:預估台泥13年營收243億元,YoY +2.32%,毛利率12.3%,EPS 2.28元(原預估2.61元),主要調整為略為下修中國大陸水泥報價及和平電廠獲利預估;中國大陸新國五條出籠後,將略為壓抑城鎮商品房市需求狀況,但中國大陸持續推動城鎮化將帶動內陸區增溫,台泥也將積極調整銷售市場,仍維持2Q水泥報價將逐步調漲;研調處認為台泥近期股價修正已反映中國沿海市場復甦情況略低於預期及和平電廠利空,目前台泥殖利率仍有5%,預期股價下檔風險有限,維持買進建議,但因獲利及淨值調整,故略微下修目標價至44元(1.5x13BVPS)。

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