《大行報告》花旗下調海螺創業(00586.HK)目標價至46元 評級「買入」
花旗發表研究報告指,海螺創業(00586.HK)主要業務固體廢物及危廢處理有望於明年首季分拆於內地上市,預期可體現業務真實價值。
報告引述管理層透露,不希望稀釋其現有股東權益,因此分拆業務上市時預期不會增發股本,未來可能會透過可換股債券及銀行貸款方式融資。
公司預期,安徽、江西、重慶等地的危廢項目平均收費可維持穩定,陝西則略有下降;其定價策略是從一般廢棄物處理商搶奪市佔。公司預期整體毛利率可維持在60%至70%水平。花旗將其2021至2022年核心盈測分別下調2.6%及1.5%,目標價由47元下調至46元,維持 「買入」評級,並料其核心盈利2021至2023年各年分別升62%、55%及34%,主要受高爐發電、固體及危廢業務推動。
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