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《大行報告》匯豐研究調整內地基建股目標價 偏好中國建築(03311.HK)及中鐵(00390.HK)
匯豐研究發表報告指,據報國務院針對12個債務狀況嚴重的地區,要求暫停或停止部分由國家資助的高速公路等基礎建設專案。該行預計,該12個地區的固定資產投資(FAI)佔全國的約20%。然而,主要承包商的管理層認為措施對其專案的影響有限,因為他們的大多數專案都屬於關鍵專案。今年在中央政府對部分領域的資金支持下,整體基礎建設投資仍將溫和增長,雖然新的完工目標放緩,但鐵路固定資產投資或會按年錄得成長。另外,城中村改造和新基礎設施可能是新合約增長的主要驅動力。 該行表示,中鐵(00390.HK)和中國鐵建(01186.HK)均公布了2023財年營運數據,新合約增長2%。另外,市場估值管理被列為國營企業高級管理關鍵績效新指標之一,這將鼓勵上市國企透過股票回購、提高股利等方式改善股票績效,相信有助國企估值由谷底重塑。 該行看好中國建築(03311.HK),指其擁有領先的MIC技術,又偏好中鐵擁有最高的股本收益率和盈利增長目標,對兩間公司均予「買入」評級。該行又調整各個內地基建股的目標價。 匯豐研究發表研究報告, 對內地基建股投資評級及目標價表列如下: 股份 | 投資評級 | 目標價(港元) 中國鐵建(01186.HK) | 買入 | 8.1元 -> 7.8元 中國交通建設(01800.HK) | 買入 | 5.4元 -> 5.6元 中國中鐵(00390.HK) | 買入 | 6元 -> 5.8元 中國建築國際(03311.HK) | 買入 | 12.3元 -> 11.2元
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