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交银:升中集安瑞科(3899.HK)评级至“买入” 目标价7.05港元
格隆汇 09-09 15:07

交银国际发表研究报告指,中集安瑞科(3899.HK)2018财年净利润按年增长50%,虽然早前公司对2019财年的盈利增长作出保守的预测,但该行料公司在今年下半年的前景趋稳定。该行续升其投资评级,由“中性”升至“买入”,目标价则由7.25港元,下调至7.05港元。

交银国际预期,公司在能源设备分部中的船用燃料箱和船舶交付表现在下半年将能支持其收入增长。该行预测,能源设备在2019/2020年的收入按年增长为17.2%/16%,而该分部的毛利率在2019-2021年约15%。另外,该行料液体食品分部在2019-2021年有12-13%按年增长。该行估计,2019/2020年的派息比率为4.2%/5.5%。

交银国际上调公司2019-2021年核心盈利预测1-2%,预期2018-2021年复合年盈利增长为15.6%。

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