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《大行报告》汇丰研究降光大水务(01857.HK)目标价至1.9元 维持「持有」评级
阿思达克 02-28 14:40
汇丰研究发表报告指,在新项目、产量提升及厂房升级支持下,光大水务(01857.HK)最新公布的2019年度业绩表现好过预期,撇除公允值收益及外汇等一次性项目,经常性收入按年增长18%,超出该行及市场普遍预期。计及该公司在香港及新加坡双重上市,每股盈利增18%。派息比率约为25%,较2018年的22%有所提升。报告指出,在新项目支持下光大水务於2019年度污水处理量按年增长13%至14.3亿立方米。期内集团共有10个污水处理厂获批上调水价,调价幅度介於4%至61%,令平均售价上升约5%,带动经营收入也增长25%,但同时产出要求变得更严格,导致成本上升,运营毛利率由2018年的51%收窄至47%。光大水务的管理层透露,预计由於市政污水处理项目未受影响,认为新型肺炎造成打击有限,目前新项目建设工程亦已逐渐复工。该行表示,光大水务的收入质量随着水费调价及运营服务的带动下有所提升,虽然负债较高,但股本回报率亦已提高至10%,因此将2020-2021年每股盈利预测上调3-4%。不过,由於成本上升,该行认为激烈的行业竞争可能会限制光大水务未来的盈利增长能力,轻微下调中长期盈利预测,维持「持有」评级,目标价由2元轻微降至1.9元。
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