中金:維持海隆控股(1623.HK)“跑贏行業”評級 目標價1.8港元
中金公司發佈報告稱,維持海隆控股(1623.HK)盈利預測和目標價1.8港元(7.7 倍2020年市盈率),維持“跑贏行業”評級。
該行表示,公司能夠按期償還美元債,此前發佈的3.1億美元債將於今年6月22日到期,其中1.45億美元已經在2019年9月通過要約方式贖回,餘下1.65億美元債券將於6月到期。考慮到1H19公司在手現金已經達到6億元,疊加1H19至今的業務運行,該行預計公司當前在手現金超過8億元。此外,該行還預計公司還有望如期獲得銀行授信,因此合計支付能力可能達到15億元,超過還債所需的約11.5億元。
海隆控股表示,內地員工復工較早,正月十五以前已經基本達到正常開工狀態。此外,公司表示年前在手訂單充沛,當前工作量甚至有望創下歷史新高。公司業務多元化,抗週期性強於同行。在上一輪油價下行週期2015-2016年時,海隆控股是港股四家小油服中唯一一家沒有虧損的油服公司。
該行認為,公司主要優勢在於多元化的業務組合,使其能在當前低油價的環境下展現較強的抗週期性。在很早以前,公司就開始佈局與油價脱鈎的業務,如管道技術與服務板塊,其中的工業塗料與管道檢測等業務與油價關聯性不大,應用行業廣泛;以及海工板塊,公司目前也在爭取一些其他行業如風能電能的拆卸安裝等業務。而在上一輪油價週期後,公司對客户管理越來越重視,當前內地大客户主要為國有油氣公司,國外的客户也以外國國家石油公司和國際油氣巨頭如殼牌等合作,因此運營風險大幅下降,現金流大幅改善。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.