《大行報告》匯豐研究升海螺創業(00586.HK)目標價至41元 評級「買入」
匯豐研究發表報告,指海螺創業(00586.HK)去年核心盈利為9.88億元人民幣,符預期,新產能投入高於預期,管理層指新項目建設會由於新型肺炎疫情而有輕微延期,故需維持具較積極的擴產計劃。維持「買入」評級,目標偵由38元升至41元,以反映提升旗下安徽海螺水泥(00914.HK)目標價,以及堅實的項目。
該行指,公司純利升18%,撇除安徽海螺水泥,核心盈利升47%,來自固體和危險廢物解決方案的盈利升31%,來自廢物焚化升93%,負債比率維持在較健康的10%。
該行又指,管理層預期新建築項目會延期1個月,相信4月份一切會恢復正常,故對公司影響輕微,維持今年新的擴產計劃。
該行表示,公司目前的發展較其五年計劃為快,在固體和危險廢物解決方案,營運項目為每年260萬噸,若計及在建運項目,則為年產630萬噸;廢物焚化方面,營運項目為每年380萬噸,而計及在建運項目,則為每年1,160萬噸,管理層預期未來會有跨省合作項目。
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