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《大行報告》匯豐研究:傳統基建股受惠中國增發1萬億人幣國債支持災後重建 看好中國建築國際(03311.HK)及中鐵(00390.HK)
匯豐研究發表報告指,中國增發1萬億元人民幣國債支持災後重建,傳統基建行業將會受惠,雖然第三季新合同增長放緩,但相信未來數月將會追上,現金流持續改善,主要選擇為中國建築(03311.HK)及中鐵(00390.HK),兩者評級均為「買入」。 報告指,今年只餘下約兩個月時間,當局增發國債的時機,反映對明年上半年固定資產投資的支持,預期在財政政策支持下,基建投資繼續維持在高水平。在增發國債及新增地方債下,第四季新合同將會追上,由於資金用於支持防洪及城建等工程,相信傳統基建公司及相關價值鏈成為主要受惠者,第四季至明年現金流將會改善。 該行指,過去三個月基建股下跌23%,反映公私營合作項目放緩、以及市場關注地方債風險,相信政府財政支持將會帶動估值重估,偏好中國建築,因為公司在組裝合成技術具有領導地位、股本回報及盈利增長目標較高。
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