大行評級|摩根大通:對中國收費公路股持樂觀看法 首選寧滬高速
摩根大通發表研報指,對中國收費公路股持樂觀看法,認爲該板塊將迎來估值倍數的重估,因爲投資論點從穩定及防禦性轉變。該行預期,旨在保護收費公路營運商利益的《收費公路管理條例》修正案最終定稿,可能顯著重塑該板塊的投資敘事。
摩通表示,對中國收費公路板塊的偏好次序爲江蘇寧滬高速公路、浙江滬杭甬。該行解釋,首選江蘇寧滬高速公路主要由於其持續的道路擴建,以及5.6%的股息收益率,故預期其將從政策變化中受益,並在市場波動中提供緩衝,對其H股目標價從9.7港元上調至11港元,評級“增持”。該行亦看好浙江滬杭甬,主要由於其在收費公路公司中估值最低,對其目標價從7.2港元下調至6.8港元,評級“增持”。
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