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大行評級|花旗:下調北控水務目標價至2.65港元 下調今明兩年盈利預測
格隆匯 03-31 10:26

花旗發表報告,重申對北控水務“買入”評級,目標價下調1.9%至2.65港元。該行認爲,其估值相當於預測今年市賬率0.8倍和6.9釐收益率具吸引力。

該行指出,北控水務去年利潤按年跌11.5%不令人擔憂,因主要源於更多的非現金減值損失。盈利質素改善,其盈利中現金產生業務收入佔比按年升7.8個百分點至85.8%,去年自由現金流按年升35%至14.8億元,公司目標今年再增10億元。該行又指,公司去年每股股息按年升2.5%至0.161港元,派息率按年升16.8個百分點至95.2%。該行下調對北控水務今明兩年盈利預測19%和16%,反映非現金建設收入減少及處置損失增加。

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