里昂:下调中交(1800.HK)目标价至8.91港元 评级“买入”
里昂发表研究报告指,中国三大基建股上半年及第二季的表现放缓,但新订单及新的资本开支表现强劲,下半年新订单、在手订单及收入入账指引正面,呈现加速趋势。中国铁建(01186.HK)、中铁(00390.HK)及中交建(01800.HK)都计划有更多的基建开支、更高利润及更低负债,维持对中国铁建、中铁“买入”评级,而中交建因计划回购10%H股及股息率达11%,料2020年核心盈利升16%,维持“买入”评级。

基于毛利率下调,该行降中交建盈利预期5%,而2019-20年核心盈利增长分别为10%及16%,目标价由10.65港元降至8.91港元;而中铁建及中铁盈利预测维持不变,目标价分别为13.12港元及7.75港元。
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