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瑞信:下调北控水务(0371.HK)目标价至6.5港元 评级“跑赢大市”
格隆汇 08-29 10:49

瑞信发表研究报告,指北控水务(00371.HK)中期核心盈利27.4亿元,按年增长19%,大致符合该行预期。中期派息增长13%至每股10.7仙,派息比率稳定在37%。

报告称,按业务细分,上半年建筑及营运收入均维持强劲的增长势头。PPP建筑项目的毛利率进一步扩阔至27%。

瑞信引述管理层在分析员会议上重申,公司将会持续聚焦在轻资产转型上,并预料未来的年度资本开支会较2019财年为低。2019财年的盈利增长目标维持在20%不变,主要是受到营运项目规模增长及选择性的新投资所带动。

基於建筑收入预测轻微下调,以及财务成本上升,瑞信将北控水务2019至2021财年每股盈测下调介乎约3%至5%,目标价由原来的6.7港元下调至6.5港元,认为现时公司的估值仍不高,维持其“跑赢大市”投资评级。

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