Market Brief

The articles are produced in Chinese only.

Author

陳招富先生 (Anthony Chan)
經理

現任職輝立經理,樂意與客戶研究買賣策略。歡迎各位來電交流心得
Phone:
22776655

中國水務集團有限公司 (855.HK)

Thursday, November 15, 2018 Views5349

公司簡介:

 

主要業務是在中國內地投資、興建及經營城市供水、污水處理及相關增值業務,業務覆蓋北京、天津、重慶3個直轄市以及廣東、廣西、江西、河南、河北、江蘇、湖南、湖北、陝西、山西、山東、海南、黑龍江等13個省的50多個城市,是內地目前最大的綜合水務營運商之一,日綜合處理能力超過1,300萬噸,服務人口約2000萬人,委託運營排水管網超過4000公里。

 

根據國際權威水務網站GWI的統計,按照服務人口數量排名,中國水務位列全球第12位。

 

公司業績

 

截至三月底全年業績,期內錄得收益按年增長32.8%至75.8億元;純利按年增長33.6%至11.4億元,每股盈利72.62仙;派末期息23仙。

若撇除投資物業及衍生金融資產公平值影響,經營溢利增 37.5%至27.18億元。

 

 

 

政策扶持

 

發改委日前發布關於創新和完善促進綠色發展價格機制的意見指出建立有利於節約用水的價格機制,建立充分反映供水成本、激勵提升供水質量的價格形成和動態調整機制,逐步將居民用水價格調整至不低於成本水平,非居民用水價格調整至補償成本並合理盈利水平。

 

 

行業發展

 

中國供水市場發展有前景,至今只有15%城市將供水服務市場化,餘下85%仍然由國企經營。現時內地正在去槓桿,嚴控地方政府債務,地方政府有更大誘因引入私營企業投資經營。

 

此外,十八大指出要建立美麗的中國,中國城鎮化和城鄉供水一體化進程不斷提速,國內對供水設施升級改造和擴大規模需求迫切。

 

 

未來發展

 

集團表示目標將供水城市覆蓋數目,由現時58個提升至100個,投資內部回報率為12%。未來4年每年因處置舊水廠非核心資產獲取10億港元現金回收。2018/19年度資本開支維持在30億元。而集團內部資充裕,手頭現金及銀行貸款額度共達100億元。

 

筆者建議長線持有可以分兩注買入, 第一注可在6.3附近買入, 第二注在5元附近買入。目標價8.5元。

 

註:本人陳招富為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。


 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us