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瑞銀:降中車時代電氣評級 看好中國通號及中國中車
格隆匯 04-06 12:27

瑞銀髮表研究報告,指中國鐵路設備股的盈利減少,但聲譽良好的企業的資產負債表仍穩健,將中國中車(1766.HK)及中車時代電氣(3898.HK)2020至2022的每股盈利下調14%至20%,因為該行下調了其動車組及機車需求預測,以反映疫情爆發的潛在影響。

雖然下調盈利預測,但仍認為在第十四個“五年計劃”期間的需求潛在回升,認為政府及消費者對氣候的關注有助增加高鐵的市場份額;由於鐵路對環境影響較小,因此或有助推動貨運由公路轉至鐵路。

該行看好中國通號(3969.HK)及中國中車,評級“買入”,認為中國通號的增長可見度及股息收益率高,而中國中車的業務多元化;但將中車時代電氣投資評級由原來的“買入”下調至“中性”,目標價由46港元降至25港元,並下調其2020至2022年每股盈測介乎17%至20%,主因潛在毛利率風險。該行指出,若疫情在中國再爆發並在中國以外持續存在,中國鐵路設備板塊將會有可能的下行風險。

瑞銀將中國通號目標價由6.5港元降至5.9港元;另中車目標價由7.3港元降至5.6港元,中車時代電氣目標價由46港元降至25港元。

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