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《大行報告》摩通升中國建築(03311.HK)目標價至10.5元 評級「增持」
阿思達克 09-16 16:24

摩根大通發表研究報告,指中國建築(03311.HK)自2018年以來重新調整重點,以改善資產負債表實力及現金流產生,並不再強調其對訂單及盈利增長的需求。展望未來,管理層預期香港的私人住宅市場及澳門的基建投資開支將會在2019至2020財年繼續增加。另外,該行預期公司目前在中國內地的訂單存量將支撐強勁的盈利表現。

該行指,作為大中華區領先的基礎設施承包商,公司在中國內地的基建項目中投入大量資金,大部分是PPP形式項目。自2018下半年以來,中央政府的政策立場已轉為更有利於增長,預期未來將有更進一步的寬鬆政施支持基建項目,料2020年首季仍會有多一輪降準。

摩通將中國建築2019至2020財年的盈利預測分別上升23%及15%,預測大致符合市場預期及指引,投資評級「增持」,目標價由原來的10.4元上調至10.5元。

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