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大行評級|瑞銀:上調中國中鐵目標價至5.2港元 資源業務帶來盈利上升潛力
瑞銀髮表研究報吿指,預料中國中鐵將受惠於更嚴格的成本控制和股權激勵計劃帶動基本面的改善,以及高利潤資源業務的貢獻增加。該行將2024年至2026年的盈測調低5%至8%,以反映2023財年業績、2024財年首季業績及2024財年的業績指引。該行認為,市場尚未完全考慮公司基本面的改善和資源業務利潤貢獻的增加。該行將公司目標價由4港元上升至5.2港元,維持“買入”評級。該行指,中鐵自2022年開始更專注在股本回報率及營運現金流,料將會透過在評核子公司業績時以現金流為優先考慮及新訂單合約的付款條件,去持續改善股本回報率及營運現金流。另外,該行亦相信正面的股權激勵計劃可進一步推動公司基本面改善。計劃要求公司2024年的最低經常性股本回報率達11.5%和最低經常性盈利增長按年達11.3%。
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