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《大行》摩通覆蓋中國建築國際(03311.HK)籲「增持」 目標價升至15元
摩根大通研究報告指,覆蓋中國建築國際(03311.HK),予「增持」評級,目標價由12.1元上調至15元。該行認爲集團在國內的工程與建設行業中有獨特地位,因其有約45%的收入來自現金流穩定的香港和澳門,而集團善用先進技術以捕捉市場機會,加上其不參與房地產開發項目。 該行認爲中國建築國際存在重評的機會,並將其目標市帳率定爲1倍,相較於之前爲0.7倍,高於行業平均水平,因集團有卓越的盈利表現,去年股本回報率爲15%,相對於主要同行爲6%至9%,派息比率爲33%,而同行則爲16%至22%,另外集團的營運現金流狀況亦有改善。
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