大和:升中國通號(3969.HK)評級至“跑贏大市” 目標價5港元
大和發表研究報告,將中國通號(3969.HK)
評級由“
持有
”升至“
跑贏大市
”,主因其於A股上市後有超賣的情況,H股目前估值較其過去三年的13倍平均市盈率低2個標準差,而該行預期公司2018-20年的經調整盈利年複合增長率達14%。該行降2019-21年核心每股盈利7-11%,以反映第三季表現,及降2020-21年利潤以反映城際鐵路競爭加劇,目標價由6.2港元降至5港元。
該行指,公司在鐵路訊號系統付運方面,會在2019-20年達至高峯,預期今年鐵路項目新訂單增長為25%。根據中國鐵路規劃,於今明兩年有超過6000公里新線投入,將會加大鐵路訊號的新訂單,帶動今明兩年收入增長。該行又指,因應有更多私人企業以優惠價格進入城際鐵路系統市場,令競爭更競烈,而公司廣州附屬獲5條新線項目,帶動市佔率,但公司計劃以更具競爭力的價錢競投,預期收入會有增長,目標第四季的收入增長達雙位數(首九個月按年跌9%)。
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.