摩通升光大国际(0257.HK)目标价至9港元评级“增持”
摩通发表的报告指,光大国际(00257.HK)上半年盈利升20%,表现符合市场预期并高於该行预测,主要受惠期内工程盈利增加,而公司赢得的项目亦好过预期。该行预期该一部分项目将在明年动工,可带动经营利润增长,但较担心现金转换周期,因为高盈利增长通常意味补贴及负债比率提升。管理层则预期,下半年经营现金流可有改善,因为较多补贴将在今年稍後时间领取,该行重申对公司“增持”评级,认为其估值吸引,该行将公司2019及2020年盈利预测分别升6%及12%,目标价由8.8港元升至9港元。

该行指出公司转废为能及绿色科技的经营收入分别增35%及53%,主要受惠项目动工带动,而来自转废为能的工程收入亦按年升65%至65亿元,反映公司有强劲的项目线,估计对公司未来两年的经营利润增长有利,因为有部分的项目将于今年下半年或2020年动工。另外公司今年以来已获规模逾1.6万吨的转废为能项目,达到年度产能目标的80%。
该行指出,考虑到其项目线强劲,预计公司在转废为能项目上可超越其产能目标每日2万吨。另外管理层亦将公司今年资本开支指引由原先的180亿元升至200亿元。
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