《大行報告》瑞信微降中國建築國際(03311.HK)目標價至11.9元 「跑贏大市」
瑞信發表研究報告指出,中國建築國際(03311.HK)去年下半年銷售額按年增長18.8%至409億元,略高過預期,主要由於澳門市場增長快於預期所推動。公司去年下半年純利按年增長5.9%至33億元,因其共同控制實體及聯營盈利較低所致。毛利率增加2.3個百分點至14.6%,主要受內地市場驅動,該行認爲較預期好,至於純利則基本符合預期。
該行指出,中國建築國際的現金流有所改善,對其2022及2023財年每股盈利預測下調7%及5%,以反映毛利率較高,但其共同控制實體及聯營盈利較低的預期,目標價由12元微降至11.9元,維持「跑贏大市」評級。
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