研报 | 中国光大水务有限公司:正在进行扩张 (China Everbright Water)

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2019年5月17日
买入 (维持)
收盘价: SGD 0.385 | 预测DIV: SGD 0.011
目标价:SGD 0.500 | 总回报: 32.7%

 

摘要

2019年一季度的营收和税后净利均达到了我们的预期。

两个项目已落实,14个在建项目以及1个项目在2019年一季度期间已开始运作。7个污水处理项目在2019年一季度上调了水价。

两地上市后,香港和新加坡市场的价差为10%。

基于2019财年末的每股盈利为新元5.5分和略高于同业的9倍市盈率(先前是8.9倍),我们上调目标价至0.50新元 (先前目标价为0.48新元),并维持买入评级建议。

 

积极方面

正在进行的项目扩张和提高水价。2019年一季度,CEWL 再落实了两个项目,包括一个运营管理项目和一个污泥处理项目。在此期间,有14个项目正在兴建和一个项目已开始运作。与此同时,有7个污水处理项目(WWT) 已提价,涨幅从21%至56%不等。随着生活污水排放标准的不断升级,集团仍有提高水价的空间。目前,G1A 的平均收费范围在人民币1.1-1.3元/吨,超过90% 运营中的污水处理项目已经达到这一标准。

已成功在香港联合交易所主板实现双重上市。5月8日,CEWL 已配发1.0397亿股,发行价为2.99 港元(相当于0.52新元)。股票总数从26.76亿股增加至27.80亿股。截至5月16日,新加坡和香港的收盘价分别是0.37新元和2.37港元,换算后的差价为0.04新元或是10.8%。 

 

前景

CEWL 一直在巩固其在江苏和山东省的版图。在可预见的未来,我们期待新业务能扩展至珠江三角洲和大湾区等人口稠密的地区。目前,住房城乡建设部,生态环境部,国家发改委联合发布了《城镇污水处理提质增效三年行动方案(2019-2021年)》,明确了污水处理的重点领域,加强了财政和社会融资支持。因此,我们相信CEWL 将继续受益于良好的商业环境。与此同时,于2019年4月实施的增值税降低了3个百分点 (从16% 降至13%) ,预计将在2019财年为集团减轻4000万人民币的税务负担。简而言之,我们对前景保持乐观。

维持买入评级,并上调目标价至新元0.50

基于2019财年末的每股盈利为新元5.5分和略高于同业的9倍市盈率(先前为8.9倍),我们上调目标价至0.50新元 (先前目标价为0.48新元),并维持买入评级建议。
 
 

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