《大行報告》瑞銀下調中鐵(00390.HK)目標價至6.6元 評級「買入」
瑞銀發表報告指,雖然內地基建活動疲弱,但預期中國中鐵(00390.HK)在2023至2025年收入複合年增長率可達8%,較同業平均水平為高,在鐵路及城市軌道項目、以及海外項目推動下,將增加市場佔有率。
該行指,內地鐵路項目審核加快,更新的定價方案已於新開展項目實施,有助提升中鐵毛利率。海外擴充將有助抵銷本地市場疲弱的影響,上半年公司的海外新訂單按年升6%,高於本地項目的5%增幅,加上國營背景可享較低利息,有助提升競爭力。
瑞銀將中鐵目標價由9.4元下調至6.6元,相當於明年預測市盈率4倍,現價則相當於明年預測市盈率2.5倍,在穩定盈利增長下、估值吸引,維持「買入」評級,一帶一路論壇及基本因素持續改善,或為潛在催化劑。
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