瑞信:維持中國龍工(3339.HK)中性評級 降目標價至2.45港元
瑞信發表研究報吿,將中國龍工(3339.HK)目標價由3.02港元調低至2.45港元,維持中性評級,認為其估值仍有吸引力及和股息率高,在短暫下行週期中是較安全的股份。
瑞信稱,由車隊年齡結構、營運時間及最近調查看到,目前的更換升級週期已完結或即將完結。雖然基建固定資產投資下半年料較強,可支持銷售,但需求或轉弱,不過估計不會出現深度及長期的下行週期。
該行又提到,雖然龍工在過去幾年的銷售增長平庸,但認為其裝載機及叉車業務在潛在下行週期中具防禦能力。此外,集團在海外擴張方面不太積極,估計未來2至3年內,這部分沒有明顯貢獻。

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