《大行報告》摩通上調中鐵(00390.HK)目標價至5.5元 評級「增持」
摩根大通發表的研究報告,指中國中鐵(00390.HK)去年業績跑贏後,今年首季稅後溢利亦較預期高7%,在電話會議中公司亦展望今年前景穩健,考慮到業績表現及指引,該行將其2021/22年預測升9%及18%,目標價升8%由5.1元上調至5.5元,評級維持「增持」,在內地建築及工程行業傾向選擇中鐵,認為公司利潤率及現金生成表現優於同業。
該行指出今年首季公司業績勝預期,主要受惠核心基建分部毛利率持續改善,首季儘管原材料成本上升,公司毛利率仍按年擴闊0.1個百分點,好過該行預期,加上收入穩健擴張,帶動利潤按年增長81%。期內核心基建分部帶動財務表現強勁,相關收入按年升55%、毛利率按年擴張0.9個百分點,帶動相關業務毛利升約75%。此外經營現金淨流出情況亦按年收窄。
摩通估計毛利率改善勢頭料將持續,由於公司有成本轉嫁機制,故料成本方面影響有限,而其採購成本亦顯著低於市場價格,加上大部分合約均有成本轉嫁機制,在成本升幅逾5%時公司可獲補償,估計將有助支持毛利率擴張。
公司首季新簽合同按年大致持平,反映項目要求嚴格,公司展望訂單活動勢頭將在下半年重拾,同時亦料全年整體合同將呈正增長。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.