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《大行》中銀國際升中國建築(03311.HK)目標價至13.5元 重申「買入」評級
阿思達克 06-13 14:27
中銀國際發表報告指,與受到基建投資放緩和地方政府財政預算挑戰影響的同行承包商相比,預期中國建築國際(CSCI)(03311.HK)盈利增長和現金股息支付表現更佳。該行指,公司去年在香港及澳門市場獲得43.3%的收入,認為中國建築擁有更佳的地域組合,預計2025年香港及澳門市場將貢獻超過50%的銷售額,香港的基礎設施投資展望相對內地更為穩定。中銀國際重申對中國建築「買入」評級,基於2025年預期6.6倍市盈率,將目標價從13.45元微升至13.5元。 該行認為,中國建築的最大競爭優勢在於其21億港元的正經營現金流和33%的現金股息支付比率。在當前市場中,能保持超過30%的現金股息支付比率是其主要吸引力之一。而中國建築從香港獲得顯著的收入比例,是其保持良好股息支付比率的關鍵原因之一。 該行指,因中國建築在內地的房地產開發業務參與度不高,因此比同行更安全。在香港,CSCI僅作為承包商,主要參與基礎設施項目,機場地區、北部都會區及港島的基礎設施投資將有助於未來五年香港的穩定增長趨勢。 中銀國際預期中國建築於2025年在內地的銷售貢獻可能降至50%以下,達到45%,而香港和澳門的合併貢獻可能超過內地,成為主要部分。 該行表示,略為下調中國建築2025年的銷售額和淨利潤預估,分別至按年增13%和10.1%。
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