受惠結束清零 惠譽料內地建築板塊今年盈利能力改善
評級機構惠譽發表報告,指內地去年底結束清零政策,對建築板塊帶來淨正面影響。該行料退出清零可改善建築商今年經營及盈利能力,抵銷近期確診宗數急升的負面影響,包括員工病假增加。不過,建築板塊仍面對主要風險,包括中國房地產市場下滑。
去年12月中國官方建築業PMI由前值55.4續跌至54.4,反映內地政府放寬防疫限制後建築活動輕微放慢。該行料建築活動放緩僅屬短暫,因歸咎於短期及季節性因素,包括員工染疫缺勤及華北地區在寒冷天氣下建築項目停滯。該行料未來數個月內地建築活動將在春節完結及疫情逐漸緩和後,回復至正常水平。
考慮行業領導地位、基建敞口、多元化業務及強勁融資渠道,惠譽料領先中國建築商如中國中鐵(00390.HK)及中交建(01800.HK)在受惠於結束清零政策上有良好定位,亦有力應對行業挑戰。
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