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瑞銀:降中交(1800.HK)評級至“中性” 目標價下調至6.7港元
格隆匯 12-03 10:59

瑞銀髮表報告指,將中國交通建設(01800.HK)2019-21年每股盈利預測下調6-13%,以反映利潤收窄及利息開支較高等的影響,認為今年以來股價跑輸,已反映了財務表現弱勢的影響,對於公私營合作制及BOT項目投資所帶來的長期回報感正面,認為相關因素亦被低估,惟短期公司利潤受壓、負債水平高以及自由現金流弱等仍會帶來風險,故將評級由“買入”降至“中性”,目標價由9.7港元降至6.7港元。

該行指出,有別於中國鐵建(01186.HK)及中國中鐵(00390.HK),公司未有受惠產品組合改善、海外項目增加等的影響,該行認為產品組合改變對中交建的利潤正面影響有限,而原材料價格上升及海外市場競爭加劇,則對其利潤有負面影響,此外該行認為公司淨利將受研發開支及利息開支等拖累。

雖然公司整體負債是同業內最低,但其淨負債比率則是國營建造企業中最高,而未來三年其資本開支需求亦較高,故估計到2020年尾其淨負債比率將進一步提升至119%,意味公司將面對額外的融資需求。

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