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《大行报告》花旗:东江水新协议达成 粤投(00270.HK)阴霾消除
阿思达克 12-22 10:17
花旗发表研究报告指,广东省政府与香港政府已达成新供水协议,对粤海投资(00270.HK)悬而未决的阴霾得以消除。根据新协议,明年东江水价冻结为48.21亿元,预期於2022年水价为48.88亿至49.5亿元,按年增长1.39%至2.68%,2023年则为49.53亿至50.16亿元,增长1.33%,实际付款额取决於使用量。

该行指,考虑到通胀率及人民币兑港元升值,2017至2019年年均增幅超过0.3%,认为温和的增长符合粤海投资的目标,指出更重要的是新协议有利於减轻市场对其股价的担忧,因为供水业务为重要收入来源,占该公司今年税前利润52%。

花旗指,疫情带来的不确定性导致股市波动,当中粤投是个较安全的避险目标,预期新协议已锁定部分利润,其估值相当於2021年预测市盈率14.1倍,比过去五年历史均值低14%,认为目前股息率4.9%属吸引,予「买入」评级及目标价16元。

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