麥格理:首予光大國際(0257.HK)“跑贏大市”評級 目標價7.5港元
麥格理髮表報告表示,首予光大國際(00257.HK)“跑贏大市”評級,目標價7.5港元,意味現價計潛在股東總回報(TSR)達27%。該行預期,光大國際2019至2022年度每股盈利之年複合增長率為17%,相信受產能擴張帶動,且受電價減幅及應收賬款收風險均有限等因素支持。
該行更指,中國會持續推行垃圾分類及污者自付等政策,料光國毛利率及經營現金流會進一步改善;基於行業不明朗政策消除,預期光大國際明年盈利會反彈,2020年每股盈利料按年增21%,今年則料跌1.5%,源於2018年9月大規模供股。
報告稱,以現價計,光國明年預測市帳率僅0.9倍屬歷史低位,預測股本回報率達16%,同業均值相當於明年預測市帳率1.6倍,預測股本回報率則為13%。麥格理稱,光國明年預測股息率達5%屬安全切入點。

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