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大和:降中铁(0390.HK)目标价至5.9港元 评级“跑赢大市”
格隆汇 09-03 11:53
大和发表报告表示,中国中铁(0390.HK) 中期业绩表现逊预期,但管理层认为下半年展望可转好,主要受惠地方政府融资政策支持,公司亦相信今年经营现金流及资产负债比率将有改善。
该行指,中国中铁今年上半年纯利按年升一成,稍低于该行的预期,而经调整溢利仅按年升1%,虽然期内收入增长14%,但毛利率收窄0.3个百分点,相信是因为铁路项目利润转差及原材料成本等拖累,另外部分海外铁路项目亦现亏损。期内减值亏损轻微由去年同期的22亿元人民币(下同)收窄至12亿元,主要因为物流业务整合已完结。
大和指出,上半年公司经营现金流录负数,主要因为土地储备及原材料成本增加等影响,今年全年公司估计将录200亿元经营现金流入,主要因为下半年应收帐款回收将加快。该行将中国中铁今明两年核心每股盈利预测下调7-11%,以反映上半年业绩逊预期,并将今年新增订单增长预测由16%降至12%,目标价由7.3港元降至5.9港元,重申“ 跑赢大市 ”评级,认为公司可受惠铁路上行周期以及地区项目投资等。
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