《大行報告》瑞銀:中鐵建(01186.HK)明年經常性純利料升9% 估值吸引重申「買入」
瑞銀髮表研究報告,預期中鐵建(01186.HK)今年及明年經常性純利將按年增長8%及9%,主要來自於鐵路和市政工程項目的推動。
該行估計,明年中國基礎設施固定資產投資(FAI)將增長4%,在房地產下行週期下推動宏觀經濟活動,同時認爲地方政府專項債券有效使用及REIT發行進展令人鼓舞,可能有助於改善工程承包商現金流狀況。
瑞銀表示,中國鐵建現價相當於2022年預測市盈率的2.6倍,認爲現水平相當有吸引力,因此重申「買入」評級,目標價7.7元,股價催化劑料爲首隻REIT產品成功發行及明年首季新合約表現。
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