Analyst Research Report Snapshot

Title:

台泥(1101.TT)市場需求回溫,下半年營運優於上半年,維持建議買進

Price:

$23.00

Provider:

SinoPac Sec Investment Service Traditional Chinese

Date:

04 Sep 2013

Pages:

4

Type:

AcrobatPDF

Companies referenced:

1101.TW

Available for Immediate Download
Summary:

旺季來臨及產業持續調控,維持買進建議:中國工信部公告今年首批預計淘汰之落後產能達9,275萬噸,表達出政府對過剩產能控制的決心;此外需求面,國務院公告今年鐵道建設金額將提升至6,600億元,1-7月完成額僅達成預計目標四成左右,下半年趕工將對水泥需求有所提振。預估台泥13年營收1,137.0億元,YoY -4.8,營業淨利161.3億元,稅後淨利96.5億元,EPS 2.61元(原預估2.28元),預估14年營收1,174億元,YoY+3.3%,稅後淨利101.9億元,EPS 2.76元,維持買進建議,目標價由44元上修至46元(1.6X13BVPS)。

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