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《大行报告》大摩:北控水务(00371.HK)缺乏催化剂 下调目标价兼降级至「与大市同步」
阿思达克 06-09 15:21
摩根士丹利发表研究报告,将北控水务(00371.HK)的评级下调至「与大市同步」,指出现价水平已反映市场对公司财务报表及盈利增长放缓的忧虑。

报告指,北控水务目标今年新增每日300万吨处理能力,并维持新投资项目内部回报率约6%至7%。

该行指,管理层预期今年盈利可录得正数增长,料2022年增幅加速至双位数,维持今年收入增长5%的指引,预期水业务、BOT建设收入及科技服务分部将分别增长15%、5%及10%。

考虑到建设服务毛利率下降、BOT建设收入增长减慢及PPP项目收入下跌,大摩将北控水务2021年盈利预测下调26%,2022年预测下调21%,将目标价大幅下调43.6%至3.1元。

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