《大行報告》摩通上調上海電氣(02727.HK)目標價至3.4元 評級「增持」
摩根大通發表報告指,上海電氣(02727.HK)早前公布今年首季業績,每股盈利優於該行及市場預測分別23%及33%,主要由於收購的天沃科技的貢獻較預期為佳。
該行表示,集團的服務業務對毛利的貢獻由2018年的19%,提升至去年的31%,預期服務及可再生能源設備對毛利的貢獻,可由去年的38%,增長至2022年的46%,而熱能設備的貢獻由3%提升至11%,有關組合的轉變,可使集團的盈利更具韌性,且更多的自由現金流可令增長更能持續。
摩通上調上海電氣H股目標價3%至3.4元,評級維持「增持」,並調升集團今明兩年每股盈利預測4%,認為集團H股估值被低估,相當於明年預測市盈率9倍,對比同業平均為15倍。
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