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《大行报告》美银证券下调北控(00392.HK)目标价至26.8元 评级「中性」
阿思达克 09-02 13:56
美银证券发表报告指,北京控股(00392.HK)上半年每股持续盈利按年下跌18.5%,逊於该行及市场预测。除了人民币兑港元贬值4.5%外,下跌主要由於旗下北控水务(00371.HK)业务模式转至轻资产,令建造收入减少,其上半年每股盈利下跌18.1%;北京燃气上半年天然气销售单位毛利每立方半下跌2分人民币,使经营利润按年减少13.4%;及陕京管道营运开支增加,令上半年盈利贡献按年减少11.4%等。

该行称,维持北控股份「中性」评级,目标价由30元下调至26.8元,并调低集团今年至2022年盈利预测分别3%、4%及6%。该行估计,由於天然气行业等的竞争上升及改革,北控的资本回报率料会进一步下跌。

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