大行評級|建銀國際:下調光大環境目標價至3.9港元 預期去年業績疲弱
建銀國際發表報吿,預期光大環境去年業績疲弱,受累危廢管理(HWT)業務及資產減值等,列賬純利料按年跌25%至33億港元。撇除單次性項目,估算光大環境去年核心純利按年跌5%至53億港元。即使在更具挑戰性的宏觀環境下,該行稱,光大環境去年成功改善廢物/污水管理費用以及能源補貼的收取。該行料建築活動放緩有利壓縮光大環境資本開支,由前年的78億港元降至去年底料50億港元。因此,料去年光大環境錄自由現金流(FCF)25億港元,有望屬過去十年來首錄FCF正值。即使盈利減少,在FCF支持下,該行料光大環境將維持去年每股派息按年持平。由於危廢管理盈利能力下降及資產減值,該行降光大環境去年盈測23%,但上調今明兩年盈測分別4%及2%,反映有效税率下降。短期盈利料續受壓,但該行相信現金流及資產負債表改善將支持股價。該行維持“跑贏大市”評級,目標價由原先4.1港元降至3.9港元。
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