Market Brief

The articles are produced in Chinese only.


王富榮先生 (Chris Wong)

3925 9289

長江基建 01038.HK 收購成催化劑

Friday, December 14, 2018 Views1204

截至 6 月底止中期業績,長江基建錄得純利 59.42 億元,按年升 5%。若撇除去年上半年英國及澳洲之若干一次性收益賬項,基礎溢利較去年同期錄得雙位比率之增長。於期內之收入則按年升 39.2% 194.5 億元。集團於截至 6 月底顯示持有 96 億元現金,負債淨額對總資本淨額比率為 15.2 %

集團在 2017 年展現收購動力,相繼購入 DUETRELIANCE HOME COMFORT ISTA 項目。而集團亦正探討多個具潛力之收購方案,當中包括一個位於澳洲的大型項目。

經過 2017 2018 年進行幾個大規模收購後,其盈利增長理想及明確,澳洲天然氣管道公司 APA GROUP 的潛在收購亦帶來上行空間。現價往績市盈率 14 倍,息率 4%,於市況波動環境下,具防守性及吸引力。

買入: $57-58  收集     目標價: $62.5      止蝕價: $55


This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email :

Enquiry & Support
The Complaint Procedures
Louis Talk
Investor Notes
Free Subscribe
Contact Us