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《大行報告》美銀證券首予中國建築國際(03311.HK)「買入」評級 目標價14.1元
美銀證券發表報告指,首予中國建築國際(03311.HK)「買入」評級,目標價14.1元。該行表示,集團是中國建築(601668.SH)旗下子公司,是在港澳市場處於領先地位的國有建築承包商,亦是內地基礎設施市場的主要參與者。 該行表示,在建築升級潮下,目前對技術驅動項目的需求不斷增加,預計集團將在此利基市場獲得更多上升空間,又預計技術驅動的項目將在2022至25年引領其收入增長,預計集團2022至25年總利潤複合年增長率將達到13%,意味著2023財年股息收益率將達到5.7%,具有吸引力。 該行提到,由於集團在中國投資驅動型項目的業務敞口較高,現金流曾經是投資者最關心的問題之一。集團一直在積極改進其商業模式,並在2022年起實現正營業現金流。該行估計,其營業現金流將在2022至25年保持正數,並料隨著科技驅動項目的進一步增加,2025年有望達到正自由現金流。
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