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大和:料中國通號(3969.HK)上半年收入下跌 削目標價至4.3港元
格隆匯 07-03 13:22

大和總研發表研究報告指,中國通號(3969.HK)鐵路及城市交通訂單在今年首5個月錄得正面增長,但基建訂單減少致上半年整體新訂單按年持平,料上半年收入或下跌,但料下半年城市交通訂單能回覆。該行重申其買入投資評級,目標價由4.6港元下調至4.3港元。

大和表示,中國通號的市場份額由去年的26%上升至今年30%,上半年在6項招標中獲得4項,料下半年政府的採購會增加。該行又指,中國通號管理層表示,今年潛在的鐵路固定資產投資(FAI)或增加至1兆人民幣,相信中期能增加鐵路信號系統的需求,從而使公司的鐵路信號產品受益。

另外,大和預期中國通號的派息政策穩定,2020-21年派息比率為6-7%。該行為反映其最新增長估算,下調其2020-22年核心每股盈利預測1%。

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