中國水務(00855.HK)：環保主題仍是市場焦點，維持”增持”評級，目標價 8.19 港元
機構：銀河證券
評級：增持
目標價：8.19 港元
■ 中國政府發佈了《關於推進污水資源化利用的指導意見》，反映環保仍是當局的焦點。
■ 與近日一些行業交易的估值比較，中國水務目前的估值吸引。
■ 中國水務的 21 財年市盈率為 6.4 倍，22 財年市盈率為 5.6 倍，股息率為 4.7％，因此估值吸引。我們維持「增持」評級，目標價 8.19 港元，基於 9 倍 21 財年市盈率，接近歷史平均值。
廢水回收再用舉措帶來增長機會
● 中國政府發佈了《關於推進污水資源化利用的指導意見》，反映環保仍是當局的焦點。該文件提到再生水可以替代常規水資源。中國政府提出到 2025 年，全國地級及以上缺水城市再生水利用率達到 25%以上，京津冀地區達到 35%以上。2019 年總體污水處理率將達到 96.81％，因此廢水處理企業的增長空間有限。污水資源化有望創造增長機會。我們相信，中國水務/康達環保[6136.HK]將從再生水不斷增加之中尋找機會。我們認為，中國水務將繼續把重點放在提高康達環保的績效上，並將其用作發展環保業務的平台。康達環保有望成為中國水務的增長動力。
最近的行業交易估值反映中國水務的估值吸引
● 蘇伊士公佈將以 6.93 億歐元的價格收購新創建[0659.HK]在中國的水務業務的非控股股權。該交易有望在 2021 年一季度末完成。該交易代價相當於 12 倍 EV/EBITDA。與這宗最新的交易的估值相比，中國水務的估值吸引（7 倍 21 財年 EV/EBITDA）。
維持增持評級，給予新目標價
● 中國水務的 21 財年市盈率為 6.4 倍，22 財年市盈率為 5.6 倍，股息率為 4.7％，估值吸引。我們維持「增持」評級，目標價為 8.19 港元，基於 9 倍 21 財年市盈率，接近歷史平均水平。
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