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花旗:降中交建(1800.HK)目標價至5.8港元 較高財務槓桿限制增長
格隆匯 08-04 13:50

花旗發表研究報告表示,中國交通建設(1800.HK)第二季度新籤合同額按年增速為4.2%,較首季度的11.9%下滑,而且弱於同行中國中鐵(0390.HK)和中國鐵建(1186.HK),這顯示較高的財務槓桿已經開始限制中交建的增長,因此將公司2020-2022年的盈利預測下調3-4%,並下調H股目標價至5.8港元。

花旗指,中交建接下來的重心也是降低資產負債率,以完成去槓桿的目標,儘管估值較低,中交建由於財務槓桿較高,加上PPP項目敞口大,仍然是最不青睞的標的,在中國中鐵和中國鐵建之間更傾向於前者。

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