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《大行報告》匯豐研究下調中資基建股目標價 薦中國建築國際(03311.HK)和中國中鐵(00390.HK)
匯豐研究發表研報指,中資基建股中期業績符合預期,收入增長7%至13%,稅後淨利增長11%至17%,經營現金流水平有所改善,在成本控制措施下淨利潤率提升,預期下半年行業將穩定增長。 受收入結構改變所影響,中國中鐵(00390.HK)和中交建(01800.HK)中期毛利率略有收窄,但在嚴格的成本控制策略下,中國中鐵、中交建及中國鐵建(01186.HK)期內均實現了淨利潤率擴張。 匯豐研究認爲,過去三個月行業表現疲軟,主要是由於資本輪轉及相關的房地產開發風險所影響,預期近期大型承包商將受惠於行業整合及對基建行業的宏觀刺激措施所帶動。 該行指出行業估值具吸引力,擁有可持續的基礎設施政策支持及可觀的股息收益率,看好中國建築國際(03311.HK),喜好其在組裝合成建築法(MiC)上具領導地位。報告亦喜好中國中鐵,作爲基建刺激的受惠者。該行降部分中資基建股目標價,詳見另表。
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