《大行报告》摩通:本季推荐海螺创业(00586.HK) 评级「增持」看46元。
摩根大通发表研究报告,指内地水务及废物处理属投资者最不喜好的板块之一,料将维持一段时间,归咎於光大环境(00257.HK)及北控水务(00371.HK)的老问题如现金流及项目回报等,以及粤投(00270.HK)安抚投资者水务板块利润改善需时。次季该行仅推荐海螺创业(00586.HK),其分拆水泥加工板块料6月展开,或为股价催化剂,加上水泥价格上升及憧憬今年核心业务纯利倍升,亦提振投资气氛。摩通予海螺创业「增持」评级,目标价46元。
报告称,粤投季度数据参差,但盈利质素及增加派息的能力持续,但料短期股价反覆,投资者对其水务板块盈利动力存疑。为重振投资者信心,认为水务板块盈利持续复苏属需要。倘增加中期派息或成催化剂。摩通予粤投「增持」评级,目标价15元。
摩通表示,光大环境盈利与现金流背驰料窒碍估值重评,即使盈利动力强劲,料股价区间波动。为提振股价,改善自由现金流是先决条件。摩通予光大环境「中性」评级,目标价由4元升至4.7元。
报告补充,北控水务经营展望仍富挑战性。该行认同管理层向轻资产经营商的转型方向,料或为时数年,股价料续低迷,直至投资者看到更多进展。摩通予北控水务「中性」评级,目标价由2.8元降至2.7元。
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