《大行報告》摩通下調中交(01800.HK)評級至「中性」削目標價至4.7元
摩根大通發表報告指,中國交通建設(01800.HK)上半年業績遜預期,第二季純利未見復甦,按年下跌40%,較該行及市場預期為差。
該行表示,中國交通建設業績疲弱主要由於新項目首次開展及早前的全國公路免費政策,令BOT(建造、營運及移交)收費公路投資的虧損擴大。另外,集團較同業更豐富的海外業務,亦因疫情影響導致部分海外項目減值損失大於預期。
摩通下調中交建股份評級,由「增持」降至「中性」,目標價由6.7元下調至4.7元,並平均調低集團今年至2022年盈利預測7%。該行認為,中交建的業務組合會繼續面對經營挑戰,對集團的海外業務,持續進行BOT投資拖累現金流、資產負債表和損益表保持謹慎。
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