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《大行報告》美銀證券下調光大環境(00257.HK)目標價至6.8元 評級「買入」
阿思達克 03-18 09:42
美銀發表研究研究報告,指光大環境(00257.HK)去年度每股經常性純利按年增長14.5%,分別較該行及市場普遍預期低8%及4%。去年運營服務收入增長35%,主要來自垃圾焚燒發電(WTE)產能增長54%所帶動,同時推動經營現金流增長50%至78億元。 公司目標至2023年經營現金流提升至100億元,該行預計,今年運營服務收入增長將放緩至17%,考慮到WTE運營毛利率下降至40%,將2022至2023年業務毛利預測下調4%至6%,並指出過去兩年項目建設進度較預期緩慢,預期危廢處理項目產能增長放緩,將2022至2023年每股盈利預測下調10%及15%,較市場普遍預期低13%及23%。 光大環境將考慮利用REITs以去槓桿,美銀指出,公司未來將著力提升項目回報,降低資金成本,控制槓桿,提高盈利能力,重申予「買入」評級,以現金流貼現率計,目標價由8元下調至6.8元。
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