花旗:降中交(1800.HK)目标价至5.6港元 维持“沽售”评级
花旗发表研究报告,指中交(01800.HK)第二季的的表现是基建行业中最差,是唯一一间录得盈利下跌虽然跌幅温和仅2%,但差过该行预期,因此下调集团2019-21年盈利预测5%至8%,目标价由7.8港元降至5.6港元。

该行指,财务成本上升相信是导致业绩逊预期的关键。集团早前宣布出售其疏浚业务以资助PPP项目发展,惟因集团需要大量资金支持余下的PPP项目,似乎还未足够。此外,在近期股价急跌时,公司宣布回购股份计划,因相信其股价被市场低估,惟回购股份资金主要来自银行贷款,盈利具下行风险,因此维持“沽售”评级。
该行指,公司第二季的新增订单升18%,主要是受惠市政项目及建屋项目,海外订单跌24%是大失预期,将影响利润。
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