《大行報告》瑞信下調光大環境(00257.HK)目標價至6元 評級「跑贏大市」
瑞信發表研究報告指出,光大環境(00257.HK)去年純利按年增長13%至68億元,較該行預期的73億元低,主要由於下半年的建築收入低於預期。全年股息34仙,按年增長13%,派息率穩定在31%。
該行指出,光大環境去年環保能源、綠色技術及水業務分別佔核心盈利77%、11%及12%。而環保能源是主要驅動力,其盈利增長19%,而綠色技術則跌21%。去年淨負債率小幅上升至131%。管理層估計,公司建築服務盈利貢獻或持續下降,但有信心經營溢利有所增長,預期今年資本支出約220億元,按年持平,派息比率不低於30%。
瑞信將光大環境2022至2023財年的每股盈利預測下調6%至7%,主要由於較低的建築收入預期,目標價由6.9元降至6元,維持「跑贏大市」評級。
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