花旗:降中铁(0390.HK)目标价至7港元 评级“买入”
花旗发表的报告指,中国中铁(00390.HK)次季盈利增长由首季的20%收窄至5%,主要受毛利率收窄至10.1%所拖累,表现稍逊预期,该行将公司2019-21年每股盈利预测下调3-4%,目标价由8.5港元降至7港元,评级“买入”。

该行指出,正面来看公司财务成本显着下降至10.7亿元人民币(下同),主要受惠公司财务去杠杆策略见效,以及再融资利率下降,但相关举措则稍为牺牲了盈利增长。期内公司经营现金流出规模达498亿元,但该行相信年底前公司经营现金流有望转正。
花旗指出次季公司铁路新订单按年升37%,主要受惠大型铁路项目次季开始开标,今年及之後总共有22个铁路项目、总值1.2万亿元将公开招标,而去年则只有2,000-3,000亿元的项目,另外城市轨道项目投标料将於下半年起重拾势头。该行认为公司已于去年完成债转股及应收帐款证券化等,其资本架构改有改善,杠杆亦有降低,相信受贸易战升温影响,下半年基建刺激有望加大。
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