华泰金融(HK):给予中国建筑国际(03311.HK)“买入”评级 目标价14.49港元

2024-07-27 10:01:05 来源: 同花顺金融研究中心

  华泰金融(HK)7月26日发布公告。China State Construction International (CSCI) is one of the largest general contractors in Hong Kong (China) and Macau (China), as well as a leading urban investment operator in Chinese Mainland. We anticipate it to gain from: 1) Hong Kong’s continuous promotion of large-scale projects; 2) Macau’s gaming companies’plans in increasing non-gaming investment by 20% over the next decade; 3) Chinese Mainland’s focus on affordable housings. We estimate its 2024/2025/2026 attributable NP at HKD10.4/11.8/13.4bn. Considering its robust earnings growth, we value the stock at 7x 2024E PE, above its Wind and Bloomberg consensus-based peers’average of 5.3x, for our target price of HKD14.49. Initiate coverage at BUY.

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