CICC released a report on August 20th, stating that China State Con's international half-year revenue was HKD 61.755 billion, a 12% YoY increase, with a net income of HKD 5.465 billion, a 12.7% YoY increase, and performance in line with expectations. The company's new contracted projects in the first half of the year increased by 29% YoY to HKD 125.1 billion. The bank maintains its profit forecast, with the current trading at a P/E ratio of 5.4 times and 4.7 times for 2024 and 2025 respectively. The bank maintains its "outperform" rating on the industry and raises the target price by 23% to HKD 13.5, considering the company's stability and high dividend payout.
研报掘金｜中金：上调中国建筑国际目标价至13.5港元 维持“跑赢行业”评级
Research report digging | CICC: Raises China State Con's target price to HK$13.5 and maintains 'Outperform' rating in the industry.
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