《大行報告》匯豐研究升中交(01800.HK)目標價至8.3元評級「持有」
匯豐研究發表報告,指中交建(01800.HK)計劃減持80%疏浚業務,相信可以降低槓桿,但再投資於基建和公路的項目都不會改善股本回報率,維持「持有」評級,目標價由7.8元升至8.3元。
該行指,公司預期以220億元人民幣出售80%業務疏浚業務,計及獲取特別息後,預期公司於第四季可有260億元人民幣的現金收入,計算是次交易的估值約為1.3倍市賬率,認為是十分合理。未來疏浚業務的股權會由中交集團持有40%,公眾持股40%,公司持股20%。公司計劃將出售所得用於還款和公司活動用途,估算負債比率會由今年的81%,會緩慢上升,至2021年為96%,交易有助公司2019年每股盈利提升5.7%,2020年跌2.9%、2021年跌3.6%。
該行又指,相信出售可以刺激短期需求,維持長遠審慎預期,因其未來策略於投資基建和公路,會受低流量和大型投資需要影響,在基建股中更看好中鐵建(01186.HK)。
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