《大行報告》摩通:本季推薦海螺創業(00586.HK) 評級「增持」看46元。
摩根大通發表研究報告,指內地水務及廢物處理屬投資者最不喜好的板塊之一,料將維持一段時間,歸咎於光大環境(00257.HK)及北控水務(00371.HK)的老問題如現金流及項目回報等,以及粵投(00270.HK)安撫投資者水務板塊利潤改善需時。次季該行僅推薦海螺創業(00586.HK),其分拆水泥加工板塊料6月展開,或為股價催化劑,加上水泥價格上升及憧憬今年核心業務純利倍升,亦提振投資氣氛。摩通予海螺創業「增持」評級,目標價46元。
報告稱,粵投季度數據參差,但盈利質素及增加派息的能力持續,但料短期股價反覆,投資者對其水務板塊盈利動力存疑。為重振投資者信心,認為水務板塊盈利持續復甦屬需要。倘增加中期派息或成催化劑。摩通予粵投「增持」評級,目標價15元。
摩通表示,光大環境盈利與現金流背馳料窒礙估值重評,即使盈利動力強勁,料股價區間波動。為提振股價,改善自由現金流是先決條件。摩通予光大環境「中性」評級,目標價由4元升至4.7元。
報告補充,北控水務經營展望仍富挑戰性。該行認同管理層向輕資產經營商的轉型方向,料或為時數年,股價料續低迷,直至投資者看到更多進展。摩通予北控水務「中性」評級,目標價由2.8元降至2.7元。
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