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<Research>UBS Expects Infra to Remain Key Stabiliser for CN Econ, Prefers CHINA RAILWAY w/ Rating Buy
Recommend 11 Positive 23 Negative 5 |
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UBS released a research report believing that infrastructure will likely to remain a key stabiliser for China's economy, against a backdrop of external uncertainties and weak domestic demand. However, given the substantial base, the broker anticipated infrastructure growth to be more structural than broad-based. UBS forecasted that growth pressures will ease as the property conditions stabilize and fiscal support becomes more effective, and shifted its valuation basis from 2025 to 2026. Meanwhile, the broker kept ratings at Buy for CHINA RAILWAY (00390.HK) and CHINA COMM CONS (01800.HK) and rating at Neutral on CHINA RAIL CONS (01186.HK), primarily based on high dividend theme. UBS preferred CHINA RAILWAY (00390.HK), given its mining business exposure, which offers more earnings and valuation leverage. UBS' ratings and target prices for Chinese infrastructure stocks' H-shares are listed below: Stock | Rating | TP (HK$) CHINA RAILWAY(00390.HK) | Buy | 4.2 -> 4.5 CHINA RAIL CONS(01186.HK) | Neutral | 5.1 -> 5.3 CHINA COMM CONS(01800.HK) | Buy | 6.5 -> 6.4 AAStocks Financial News Website: www.aastocks.com |
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