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瑞銀:維持中航科工(2357.HK)“買入”評級 目標價5.2港元
格隆匯 11-29 11:07
瑞銀髮表的研究報告指,中航科工(2357.HK) 終於公佈收購直升機資產方面的詳細內容,總體而言該行認為交易合理,而早前憂慮每股盈利遭攤薄的情況相信不會發生,經估算後料每股盈利或有介乎0%至3%的增長,交易仍待股東批准,該行估計將於2020年下半年完成,公司現時估值較便宜,認為投資者可重新審視。
報告指公司計劃以每股4.19港元發行15億股,以收購母公司的直升機資產,而相關業務去年盈利為3.18億元人民幣,意味估值相當於去年市盈率約18倍,如交易完成公司將獲中直股份(600038.SH)16%權益,價值約42億元人民幣,如將中直股份的價值抽出,未有上市的資產市盈率僅為6倍,屬吸引的水平,此外相關資產股本回報率11%亦高於中航科工的8%,倘交易完成,將有助改善中航科工的盈利能力。將其目標價由5.6港元降至5.2港元,以反映人民幣貶值的影響,維持“ 買入 ”評級。

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