《大行報告》匯豐研究下調光大環境(00257.HK)、北控水務(00371.HK)及海螺環保(00587.HK)目標價 偏好粵投(00270.HK)
匯豐研究發表報告指,內地環境及水務行業面對供應過剩的問題,在經濟活動疲弱下,新建項目繼續減少,毛利率受壓,估計將會公布的中期業績疲弱。未來12個月,繼續關注項目延期的問題,可能對相關股份構成下行風險。
報告預期,環境及水務項目進度繼續放緩,以北控水務(00371.HK)為例,疫情後地方政府縮減財政開支,已令新項目減少。
該行對大部分相關股份維持「持有」評級,當中光大環境(00257.HK)目標價由3.5元下調至3.1元,北控水務目標價由2.1元下調至2元,海螺環保(00587.HK)目標價由2.7元下調至2.3元。
在同業中,該行偏好粵投(00270.HK),維持「買入」評級,主要因為公司盈利復甦能力較強,而且承諾執行進取的派息政策,目標價由9.4元下調至7.3元。
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