花旗:將光大國際(0257.HK)調至沽售評級 目標價4.6港元
中國光大國際(0257.HK)公佈中期業績後,遭花旗將其投資評級從買入下調至沽售,目標價維持4.6港元,理由是考慮到公司債務問題以及對業績質量的擔憂。
花旗指出,光大國際上半年税前利潤的44%-55%,來自非現金建造收入,引發有關業績的疑問,槓桿率不斷上升,可能逼使光大國際有如2018年一樣發行新股,明年自由現金流可能保持負增長。
光大國際昨日公佈,截至6月底止半年業績,股東應占溢利增15%至30.29億港元,每股賺49.3仙,中期息14仙。期內收益增13%至183.77億港元,毛利增15%至64.89億港元。

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