《大行報告》匯豐研究普遍下調內地基建股目標價 偏好中國建築國際(03311.HK)及中鐵(00390.HK)
匯豐研究發表報告,指內地三大國營基建股(中鐵、中鐵建、中交)中期稍遜預期。由於內地政府限制展開新投資項目,三企新合約增長均放緩。不過,三企毛利率及稅後淨利潤率均有改善,受惠成本結構改變及成本控制策略。除中交(01800.HK)外,所有承包商均錄淨經營現金流改善,符合國務院國資委的量化指標要求。下半年受持續基建資金投入所支持,三企均預期經營現金流改將持續善。該行認為,管理層激勵計劃下全年純利增長及股本回報率目標有望達成。該行料這或持續支持國企改革及板塊估值重評。
報告預期內地將有更多刺激措施出台,在建築業在溫和政策支持下有望穩定發展。在中期業績發布後,匯豐研究普遍下調內地基建股目標價;過去三個月板塊累跌16%,反映PPP項目招標緩慢及市場對地方債的憂慮。不過上半年重要量化指標改善,或支持估值重評。匯豐研究偏好中國建築國際(03311.HK)及中鐵(00390.HK),前者受惠在MIC建築技術的行業領導地位,後者則有高純利增長及股本回報率目標。
該行對內地基建及建築股H股最新投資評級及目標價表列如下:
股份|投資評級|目標價(港元)
中鐵建(01186.HK)|買入|9→8.5元
中交建(01800.HK)|買入|6→5.6元
中國中鐵(00390.HK)|買入|6.7→6.2元
中國建築國際(03311.HK)|買入|12元
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