花旗:降北控水务(0371.HK)目标价至5.2港元 评级“买入”
花旗发表研究报告,指北控水务(0371.HK)
的股价在2015年4月见顶后,累跌超过45%,相信是由于投资者关注到公司的负自由现金流问题。该行指,北控水务已经发展成更以现金流为导向,并旨在于三至五年时间转势录得正现金流。虽然要实现此目标看来仍言之尚早,但似乎是一个很好的长远方向。
报告称,北控水务预算资本料已见顶,未来料趋降。其今年预算资本开支120亿港元,即按年增21%,包括上半年的55亿港元,按年升28.8%;逾80%用于BOT建设及少于20%用于综合维修项目。年度预算资本并已计及一些并购开支。花旗引述管理层料明年资本开支将按年下降,在综合维修项目上开支料减少,但随后资本开支料难大幅减少,因为它仍对BOT建筑项目感兴趣。
基于其收入增加但毛利率收窄,花旗将北控水务2019至2021年的盈测调整3%以内。目标价下调约4%,由5.4港元降至5.2港元,认为其估值看来不昂贵,投资评级“
买入
”。
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