《大行報告》瑞銀下調中集安瑞科(03899.HK)目標價至5.7元 受疫情影響降盈測
瑞銀發表研究報告指,中集安瑞科(03899.HK)因受新型肺炎疫情影響,故下調其2020-22年每股盈利預測分別19%、22%及16%,相信天然氣需求會受影響,並進一步影響相關設備的銷售;化工運輸設備和液體食物設備的銷售,都與全球經濟增長有密切關連,故相信疫情將影響客戶之資本開支,但因應股價已經下跌,相信已反映較弱的前景。該行指,雖然燃氣需求和進口放慢,相信股價自去年4月以來下跌50%已是反應過度,未來利好因素包括船隻訂單增長,及公司能源設備整體表現較市場預期好。目前預期公司液化天然氣船隻設備相關項目在手訂單可有雙倍增長,中小型的儲存油罐收入下跌可被抵銷大型及超大型罐收入增長所抵銷,燃油罐及液化天然氣的補充設備受惠本地液化天然氣價格下跌。雖然基本面較弱,但該行相信中集安瑞科整體預期收入和利潤表現會高於現價所反映,目標價由7元降至5.7元,現價估值吸引,維持「買入」評級。
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