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《大行報告》摩通:基本面改善支持內地基建股獲重評
摩根大通發表報告指,在市場波動和經濟下行壓力下,預計內地財政政策將會主導支持經濟,在財政空間充裕,以及國務院副總理劉鶴最近建議將部分基建項目提前完成,另外中國中鐵(00390.HK)和中鐵建(01186.HK)在現金流和去槓桿都有顯着改善,預計中交建(01800.HK)和中國建築國際(03311.HK)會趕上進度,認爲正在改善的基本面及業務模型會支持內地基建股潛在估值重評。 摩通預計,香港政府會在解決房屋問題扮演更大角色,中國建築國際又在出租公屋建設有15%至20%的市場份額,有可能令其受惠,預計中國建築國際的市場份額會增加至20%以上。摩通又指出,中交建和中國建築並無物業發展敞口,其中中國建築國際在社會房屋的敞口被認爲是屬於基建開支,物業發展爲中國中鐵和中鐵建在今年上半年帶來單位數的收入和訂單貢獻。該行預計,內地今年第四季財政政策會有顯着改變,以應對經濟下行壓力加劇。
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