《大行報告》瑞銀升中國建築國際(03311.HK)目標價至11.1元 評級「買入」
瑞銀發表研究報告指,受其領先技術以及中國內地與香港市場利好政策推動,中國建築國際(03311.HK)仍處於盈利增長週期,預測公司2021至2025 年收入年複合增長率達16%,淨利潤年複合增長率為15%,預計盈利質量改善將有助於公司降低負債,並令經營現金流轉為正數。
該行指,香港2021年施政報告表明,未來十年公共房屋及基礎設施投資將會加速,雖然維持在2031至2032年度之前建造30.1萬個公屋單位的計劃,但政府建議在未來五年內可能會完成三分之一,同時將年度基本工程開支增加至1,000億元,相信將有利於基建承包商發展,當中採用預製組件的盈利將進一步上升。
瑞銀認為,中國建築的估值料將反彈至2018年之前的水平,因此將其2022至2023年純利預測分別上調1%及2%,目標價相應由8.6元上調至11.1元,維持「買入」評級。
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