《大行报告》花旗升中铁建(01186.HK)目标价至12.2元 评级「买入」
花旗发表研究报告,指中铁建(01186.HK)第二季纯利升17.7%,胜预期,升幅高於第一季。公司是第二间业内公司该行胜预期,包括纯利率改善,归因负债减少及收入增长胜预期。经营现金流净流出的金额有收窄,由去年上半年的4,590万元人民币,降至3,250万元人民币。相信经营现金流会於今年尾转正,将基建股的推介次序转至中国铁建、中国建筑国际(03311.HK)、以及中铁(00390.HK)。
该行指,公司第二季的新订单升28%,物业建筑升78%,相信城市轨道列车会较铁路成为公司主要的增长动力,同时预期会有更多基建类的政策,以舒缓贸易战的影响,对铁路、城市轨道列车、海外项目看好,而公路、桥等PPP项目则不看好,目标价由11.8元升至12.2元,评级「买入」。
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