《大行報告》大和升中國通號(03969.HK)評級至「買入」 目標價4.8元
大和發表研究報告,將中國通號(03969.HK)評級由「跑贏大市」升至「買入」,認為股價今年以來調整約15%,而其營運上亦未見有顯著改變,認為估值與同業比較吸引,認為隨著軌道交通項目今年有機會加快,加上受疫情影響每股盈利下行風險亦有限,目標價維持4.8元。
該行指出公司去年純利38億元人民幣(下同),按年升12%,符該行預期,而每股盈利則維持平穩,期內收入按年增4%至416億元,較該行估算低12%,主要因為第四季收入有所減少,相信是由於收入組合有所轉變所致,預期公司軌道收入增長將維持強勁。該行指出公司於去年7月在科創板上市並籌105億元,公司計劃將71億元用於開發下一代列車控制系統,並將整合大數據、人工智能及5G科技等,該行認為公司可受惠未來5年基建投資的快速增長,特別是在城市交通、5G及人工智能層面。
大和估計公司2020至21年股息率將達5%至6%,而受惠行業需求強勁,每股盈利的下行空間有限,而管理層亦指出會維持穩定派息比率,考慮到現時其派息比率達40%,而其現金水平亦較強。
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