《大行報告》美銀證券下調北控(00392.HK)目標價至26.8元 評級「中性」
美銀證券發表報告指,北京控股(00392.HK)上半年每股持續盈利按年下跌18.5%,遜於該行及市場預測。除了人民幣兌港元貶值4.5%外,下跌主要由於旗下北控水務(00371.HK)業務模式轉至輕資產,令建造收入減少,其上半年每股盈利下跌18.1%;北京燃氣上半年天然氣銷售單位毛利每立方半下跌2分人民幣,使經營利潤按年減少13.4%;及陝京管道營運開支增加,令上半年盈利貢獻按年減少11.4%等。
該行稱,維持北控股份「中性」評級,目標價由30元下調至26.8元,並調低集團今年至2022年盈利預測分別3%、4%及6%。該行估計,由於天然氣行業等的競爭上升及改革,北控的資本回報率料會進一步下跌。
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