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《大行報告》瑞銀微降中交(01800.HK)目標價至6.6元 評級「買入」
瑞銀髮表研究報告指出,中交建設(01800.HK)去年純利按年增長11%,扣除非經常性項目及股息開支的經常性盈利按年增長13%,略低於該行預期的4%。不過,經營活動現金流由2020年的淨流出310億元人民幣,至去年改善至淨流出130億元人民幣,主要由於應收帳款週轉率改善及合同資產有所改善。中交截至去年底淨負債率下降9個百分點至176%。 此外,該行提及中交管理層目標2022年新簽訂合同增長12%及收入增長6%,另重申集團將繼續專注於海外市場,目標於2025年底海外業務佔收入的25%,未來看好海上風電場等新能源產業的營運和維護,並優先發展其於道路及橋樑行業的傳統優勢。同時,該行仍對中國房地產投資信託基金可幫助中交減少淨負債並改善現金流表現維持正面看法。 瑞銀微調了中交2022至2024財年的盈利預測,目標價由6.7元略降至6.6元,相當預測今年市盈率4.5倍,維持「買入」評級。
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