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粵海投資(0270.HK):更多的收購以推動水業務的增長,“收集“評級,目標價17.80港元
格隆匯 09-20 15:56

機構:國泰君安

評級:收集

目標價:17.80港元

2019年上半年收入同比升8.9%而淨利則同比升1.1%。公司於期內的業績基本符合市場預期。繼於2018年新增了0.4百萬噸每天的供水能力及0.454百萬噸每天的污水處理能力力後,公司於2019上半年通過收購及產能擴張進一步新增了1.52百萬噸每天的供水能力以及8.1萬噸每天的污水處理能力。考慮到公司於2019年6月底時擁有約30億港元的淨現金,我們預計公司仍將於未來主要通過併購以激進地投資位於國內的新水資源項目。

我們調整了2019年至2021年的盈利預測。水資源的收入和房地產投資和開發的收入於2019上半年合計貢獻了期內77%的整體收入,並預計將於預測期內維持在同等高位。公司於2019年至2021年的綜合毛利率預計將分別為57.0%/57.2%/57.1%。我們經調整後的2019年至2021年的每股盈利預測分別為0.8235港元、0.9117港元和0.9455港元。

我們重申“收集”的投資評級並維持17.80港元的目標價。考慮到公司的穩定性、水業務的高增長前景、高股息率以及其整體業務的高防禦性,我們重申對公司“收集”的投資評級。我們維持對公司17.80港元的目標價,相當於21.6倍/19.5倍/18.8倍2019至2021年市盈率或2.8倍/2.6倍/2.5倍2019至2021年市淨率。

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