《大行报告》汇丰研究升中交(01800.HK)目标价至8.3元评级「持有」
汇丰研究发表报告,指中交建(01800.HK)计划减持80%疏浚业务,相信可以降低杠杆,但再投资於基建和公路的项目都不会改善股本回报率,维持「持有」评级,目标价由7.8元升至8.3元。
该行指,公司预期以220亿元人民币出售80%业务疏浚业务,计及获取特别息後,预期公司於第四季可有260亿元人民币的现金收入,计算是次交易的估值约为1.3倍市账率,认为是十分合理。未来疏浚业务的股权会由中交集团持有40%,公众持股40%,公司持股20%。公司计划将出售所得用於还款和公司活动用途,估算负债比率会由今年的81%,会缓慢上升,至2021年为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%。
该行又指,相信出售可以刺激短期需求,维持长远审慎预期,因其未来策略於投资基建和公路,会受低流量和大型投资需要影响,在基建股中更看好中铁建(01186.HK)。
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