《大行报告》摩通首予中集安瑞科(03899.HK)「增持」评级目标价8元
摩根大通发表研究报告,首予中集安瑞科(03899.HK)「增持」评级,目标价8元。公司从事油气储存设备生产,摩通料其2019至2021财年各年每股盈利增长介乎7%至18%,受惠於油气储存需求,内地运输及应用相关设施,并受欧洲、美国及非洲化工企业等订单所支持。
报告认为,市场对天然气接驳费削减及美国加徵关税的忧虑反应过度,中集安瑞科现估值吸引,相当於2021财年预测市盈率9倍,低於全球同业的13倍。
中集安瑞科自4月中旬以来股价累跌约26%,摩通认为,这部分反映了内地政府或对油气分销商回报设限的风险,这或打击油气储存设备需求。不过,摩通认为,内地天然气接驳费政策料温和,以促进内地天然气渗透率。
此外,公司2018财年有12%收入来自美国。不过,摩通指出,该等向美资客户出售产品,主要向中国内地付运,不受美国加徵关税影响,据摩通估算,其2019财年对美国出口收入占比少於1%。
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