大行評級|大摩:下調中國中鐵目標價至5.6港元 下調收入及淨利潤預測
摩根士丹利發表報吿,將中國中鐵2024至2026年財年收入預測分別下調8%、10%及11%,以計及今年以來的建築活動低於預期,以及毛利率被稍為侵蝕;淨利潤預測相應分別下調11%、12%及14%至320億、340億及350億。
大摩對中鐵評級為“增持”,目標價由6.2港元下調至5.6港元,相信公司將受惠於5年期10萬億人民幣的地方政府債務互換計劃,加上應收賬款週轉及營運現金流改善,將可能觸發進一步的重新評級。
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