《大行报告》摩通下调内地基建股目标价 首选中铁建(01186.HK)
摩通发表研究报告指,中国基建股自今年至今平均下跌28%,跑输恒指6%的跌幅,主因估值下调所致。
该行指,在第三季盈利进一步下跌的趋势下,四间基建股走势出现分歧的情况合理,特别是考虑到海外项目和内地基础设施项目商业模式的差异。摩通在计入国内基建开支预算後,更新了基建股盈利预测和目标价。
该行表示,目前四间基建商给予的指引都相对正面,受惠政府在第四季和明年的基建投资预算稳健支持,而过去受到应疫情的影响,加上明年是十四五规划的首年,相信城市化相关的建设将是主要的投资范围。由於基建REIT仍未获批,未来持续的资金支持将是市场关心的重点。
该行对四大基建股的偏好排序依次为中铁(00390.HK)、中国建筑(03311.HK)、中国铁建(01186.HK)和中交建(01800.HK)。
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