瑞銀:升海螺創業(0586.HK)目標價至35.93港元 評級“買入”
瑞銀髮表研究報告指出,雖然海螺創業(00586.HK)股價自8月29日起升16%,但相信市場仍未完全反映其環保業務的價值,分析指公司有足夠的資金支撐未來項目增長,可以釋除投資者的憂慮,認為目前估值吸引,估計2019-23年環保業務盈利年複合增長率達47%,重申“買入”評級,目標價由32.86港元升至35.93港元。
該行預期,公司在2020-23年需要46億元人民幣(下同),以支持固體及危廢處理,199億元需要用於爐排爐項目(grate furnace)。至2018年底,公司持有48億元現金,料可其項目可以提供99億元現金流,同時銀行有300億元的銀行備用貸款,相信可以支持未來新增項目。
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