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《大行報告》摩通中交建(01800.HK)出讓中交疏浚股權影響正面重申「增持」評級
阿思達克 06-19 16:17

摩根大通發表研究報告,指中國交通建設(01800.HK)公布計劃轉讓中交疏浚80%股權予母公司及第三方投資者,涉資223億元人民幣(下同),該行審視相關計劃後看法正面,認為交易與公司近期重組策略一致,主要目標是要去槓桿,並加強股本回報率,而中交疏浚估值亦吸引。該行指出,早在2015年已提出要分拆中交疏浚在港上市,但計劃受多種因素影響未成事,由於缺乏資本擴充,疏浚業務亦受負面影響,該行重申對中交建「增持」評級,目標價10.6元,與中鐵建(01186.HK)一樣同為該行在內地能源及建築板塊中的首選股之一。

該行指出,公司計劃透過一系列交易出售中交疏浚的主要權益,料相關交易將在年底前完成,該行認為相關權益估值吸引,達2018財年市帳率的1.1倍,遠高於中交建的估值。該行指出,交易完成後中交建持有的中交疏浚權益將降至20%,由於中交疏浚是重資產業務,而其盈利能力自2016年起受負面影響,主要因為公司缺乏資本支持而需要增加外判,而近年中交疏浚的毛利率亦由2015財年的19%跌至介乎13%至14%,過去兩年股本回報率更跌至分別6.5%及4.2%,而中交建同期的股本回報率則達11.5%及9.9%,如撇除中交疏浚,中交建2018財年的股本回報率可升1個百分點至10.9%。

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