华润水泥控股(01313.HK):1H18 profit alert and share placement,outlook remains positive,Buy,TP of HK$11.53

2018-06-14 14:40 港股研报君 阅读 498

机构:德意志银行

评级:买入

目标价:11.53港元

Profit alert due to higher selling prices in 5M18 and share placement to resolve low public free-float CRC issued a profit alert for 5M18 and a placement totaling USD540m after the close on June 11, 2018 – both events were a surprise to us. 

The profit alert clearly shows that 2Q GP/t is on track to be HKD15-20/t higher than in 1Q, which is anticyclical as 2Q is typically the slowest quarter of the year. We believe the primary objective of CRC's placement is to increase its free-float rather than to tap the market for cash, since its balance sheet has been extremely strong and it could have just geared up. 

Post the placement, the CR group's ownership reduces from 73.45% to 68.72%. We believe any weakness in the share price should represent a good opportunity to Buy as the outlook remains extremely strong for southern China, with the Greater Bay Area development plan set to be released in due course, in our view. We have also revised our model with a new target price of HKD11.53 post the 6.89% dilution.

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