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《大行報告》大摩料中車時代電氣(03898.HK)旗下鐵路業務復甦 為內地工業首選股
阿思達克 05-06 14:30
摩根士丹利發表報告指,隨著中國作出更多基礎建設刺激,預計中國鐵路總公司將增加其在今年的鐵路投資計劃,該行預期規模達8,400億元人民幣,意味按年增長5%。大摩又預期,中國高速及城際動車組需求將由去年271組的低迷水平,恢復到今年的330組及明年的400組,主要是受惠於更多高速鐵路(特別是城際)竣工,估計機車需求亦將在未來三年有改善。

該行提到,儘管新型肺炎疫情壓抑短期機車需求,但預計有關投資在今年下半年至2022年將顯著改善,而中車時代電氣(03898.HK)旗下的鐵路業務預期可見復甦。

大摩維持對中車時代電氣的「增持」評級,目標價39元,指集團為該行的內地工業首選股,預期集團今年至2022年的盈利年均複合增長率可加快至15%。另外,該行認為市場因疫情爆發對交付帶來負面影響的憂慮已在集團股價上反映,其目前估值相當於今年市盈率8.8倍,較5年平均的14.5倍折讓39%。

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