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

wechat omage

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%






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。



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%。 



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。


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。

本文为英文翻译版本,仅供参考,一切请以英文版本为准。如果有想了解更多全球股市资讯,请关注微信公众共 “辉立资本新加坡” (SGPSPL)。同时提供在线免费开设股票账户,一个账户轻松交易美股,港股,新加坡股





This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  


Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com