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《大行報告》花旗中資基建股正提供買入良機料內地將加速基建投資
阿思達克 06-11 11:31

就國務院辦公廳印發《關於做好地方政府專項債券發行及項目配套融資工作的通知》指出,允許將專項債券作為符合條件的重大項目資本金。花旗發表報告表示,地方政府將可透過專項債券發行,用以投資若干資本性項目,而金融機構將會協助相關具目進行融資,該行認為上述措施可能未必會明顯提振內地基建投資,但顯示中央政府正尋求推出更多逆周期施,以保持經濟表現。

該行指,倘若中美兩國未能在6月下旬的G20峰會達成貿易協議,市場對中國政府推出保增長措施期望會有較高期望,而該行對中資基建股的選股次序,第一是中國中鐵(00390.HK)、第二是中鐵建(01186.HK)、第三是中國建築(03311.HK),均予「買入」投資評級,分別予目標價8.5元、11.8元及10元,但維持對中交建設(01800.HK)「沽售」投資評級,予目標價7.8元(相當預測今年市盈率5倍),因內地對PPP項目發展審慎因素。該行認為,相關基建股近期價回落後,正提供良好的買入機會。

花旗指,內地今年以來基建投資增速約4.4%,但隨著上述地方政府專項債券發行措施,一旦G20峰會後中美談判惡化,內地政府會加速基建投資步伐,並估計中國至2019年年底基建投資增速可達8%。

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