中國中鐵(00390.HK):新股造成攤薄,維持“買入“評級,目標價6.10港元
機構:國泰君安
評級:買入
目標價:6.10港元
中國中鐵(00390HK)2019年上半年收入同比上升14.5%至3,619億元(人民幣,下同)。增股東淨利同比增10.1%至至105億元。業績基本符合預期。公司整體毛利率同比下降0.2個百分點至9.6%。公司2019年上半年新籤合同額達7,013億元,同比上升10.5%。
我們預計2018-2021以年整體收入將以10.0%的複合年增長率增長,預計整體毛利率於2019-2021年間將維持於9.6%至至9.7%。此外,我們預計公司於2019-2021年間的淨負債率將維持低位及可控,股東資金回報率則維持於10.3%至11.1%。
我們對於2019/2020/2021年的每股盈利預測分別為0.771元、0.819元及0.947元。即使我們預計交通基建固定資產投資表現會較整體固定資產投資更佳,但鑑於新股發行的攤薄效應、市場估值的調整及人民幣貶值至,我們調低目標價至6.10港元,對應7.3/6.9/5.9倍倍2019/2020/2021年市盈率。因估值吸引,維持“買入”評級。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.