《大行報告》花旗下調中交建(01800.HK)目標價至4.1元 評級「中性」
花旗發表報告指,中交建(01800.HK)去年經常性收益下降17%至138億元人民幣,落後於主要同業中國中鐵(00390.HK)和中國鐵建(01186.HK),主要由於受到去年上半年國內收費公路免收車輛通行費政策影響。下半年的盈利較上半年增長98.6%,反映疫情影響正在減弱,因此上調今明兩年的盈利預測6至8%,但由於行業估值較低,目標價由4.6元下調至4.1港元,評級維持「中性」。該行更傾向於同業中的中國建築(03311.HK)、中國中鐵、中國鐵建。
花旗指,管理層預計今年度經常性淨利潤將恢復到2019年左右水平,新簽合同繼續保持雙位數增長,但投資項目的貢獻將逐步降低。公司仍將海外市場視為重要的增長動力,前提是疫情發展形勢得到遏制。
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