《大行報告》大和降光大國際(00257.HK)評級至「持有」 目標價上調至4.5元
大和發表報告指,光大國際(00257.HK)股價自今年3月19日的低位回升了20%,而該行的憂慮仍然為集團的現金流風險,因預料其將通過強勁的項目提升維持重資產模式,意味資本開支沉重、負債比率上升及自由現金流為負。大和估計集團今年至2022年的實際資本開支將上升至每年210億至260億元,負債比率則由去年底的91%,上升至今年至2022年的介乎114%至144%。
該行下調光大國際投資評級,由「跑贏大市」降至「持有」,但目標價由4.3元上調至4.5元,並調升集團今年至2022年的每股盈利預測1%至5%,以反映最新的項目進度。大和認為,內地垃圾及生物質發電未來的電價政策仍未明朗,而現有項目或仍需面對補貼收款延遲的風險。
大和相信,光國專注於透過擴大資產負債表進行產能擴張,對現金流構成壓力。倘槓桿升至某個水平,該行不排除股權稀釋風險。另光國上市附屬任何配股都會稀釋其對光國的盈利貢獻。
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