匯證:升中國建築(3311.HK)目標價至10.4港元 維持“買入”評級
匯豐證券發表研究告指出,中國建築(3311.HK)第三季業績確認其盈利增長仍有上調的空間,主要受惠於項目執行改善,同時公司正按步改善股本回報率,盈利質素好轉,資產負債表亦愈見穩健,維持其“買入”評級,目標價上調7.2%,由9.7港元升至10.4港元,即較昨日(22日)收市價7.32港元仍有上升42%的空間。
匯證報告指出,中國建築第三季收入按年升14.5%至133億港元,而經營溢利及應占合營企業盈利合共17.7億港元,按年增加至25.7%。匯證相信中國建築中港兩地業務的盈利能力維持良好,公司管理層亦表示滿意2019年度的營運現金流,相信公司2020年可望產生正現金流。
報告説,雖然年至9月份,中國建築新合約按年減少9.8%至816億港元,但管理層依然維持全年零增長之目標,匯證對此亦不擔心,因為公司積壓的合約高達2435億港元,遠足以覆蓋2019年度收入預測。
匯證已將中國建築2019及2020年度的每股盈利預測分別上調7.7%及2%,以反映中兩地較佳的盈利能力,並指中國建築股息率達4.9%,估值吸引。
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