《大行報告》花旗:東江水新協議達成 粵投(00270.HK)陰霾消除
花旗發表研究報告指,廣東省政府與香港政府已達成新供水協議,對粵海投資(00270.HK)懸而未決的陰霾得以消除。根據新協議,明年東江水價凍結為48.21億元,預期於2022年水價為48.88億至49.5億元,按年增長1.39%至2.68%,2023年則為49.53億至50.16億元,增長1.33%,實際付款額取決於使用量。
該行指,考慮到通脹率及人民幣兌港元升值,2017至2019年年均增幅超過0.3%,認為溫和的增長符合粵海投資的目標,指出更重要的是新協議有利於減輕市場對其股價的擔憂,因為供水業務為重要收入來源,佔該公司今年稅前利潤52%。
花旗指,疫情帶來的不確定性導致股市波動,當中粵投是個較安全的避險目標,預期新協議已鎖定部分利潤,其估值相當於2021年預測市盈率14.1倍,比過去五年歷史均值低14%,認為目前股息率4.9%屬吸引,予「買入」評級及目標價16元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.