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匯豐研究:升中國建築國際(3311.HK)目標價至10.4港元 評級“買入”
格隆匯 10-28 11:17

匯豐研究發表的報告指,中國建築國際(03311.HK)第三季收入按年增長14.5%至133億元,而計及來自合營的經營溢利則按年增25.7%至17.7億元,當中內地基建投資項目及香港的收入增長均穩健,認為公司股本回報率復甦在正軌上,而公司在內地及香港的盈利能力亦好過預期,雖然第三季公司未公佈現金流數據,但管理層認為2019財年經營現金流應較2017財年為好,該行相信公司於2020年有望達到正自由現金流。

該行指出今年首九月集團新訂單金額按年跌9.8%至816億元,管理層維持對全年零增長的目標,並有信心可達到,該行並不憂慮相關情況。另外轉向更多香港及澳門的項目,相關資本投入較內地公私營合作制項目為少,相信亦有助改善資產負債表及現金流表現。

該行將公司2019及2020財年每股盈利預測分別上調7.7%及2%,以反映中港業務盈利能力好過預期,而第三季內地收入亦轉正,相信勢頭可持續至2020年,將公司目標價由9.7港元升至10.4港元,評級“買入”

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