报告名称：CSCI(03311.HK)Likely to Hit its Target Again
报告类型：港股研究
报告日期：2015-12-11
研究机构：光大证券
股票名称：中国建筑国际
股票代码：03311
页数：3
简介：CSCI released November operating data yesterday after the market close. Accumulated new contract value was HK$69.56bn for the first 11 months of the year, reaching 99.4% of the companyˇs full-year target of not less than HK$70bn. As at end-November 2015, the order backlog was HK$132.49bn, equivalent to 3.8x FY14 revenue.
The company secured a total of HK$6.68bn of new contracts in November, with HK$5.62bn from infrastructure and HK$1.06bn from cash-construction projects. Major new contracts awarded included a public-private partnership (PPP) relocation housing project in Zhengzhou, Henan with attributable value of HK$5.63bn.
The company is likely to beat its full-year guidance again in 2015 despite difficulties in the second half from Hong Kongˇs public-housing tainted-water issue. Solid order backlog should provide clear earnings visibility despite uncertain growth prospects in Hong Kong and China. We remain upbeat on the companyˇs outlook.
Operating data was largely in line with our expectations. We maintain our Buy rating and target price of HK$15.50.
Key risks. Skilled-labour shortages in Hong Kong and Macau. The global liquidity crunch may erase the companyˇs advantage in securing low-cost financing. Default risk or contract cancellations by customers.

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