Market Brief

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Author

許偉龍先生(Anthony Hui)
高級交易員

現任職輝立高級交易員,對投資股票經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533066

中國水務集團有限公司 (00855.HK)

Thursday, December 17, 2020 Views5814

業務概要:集團主要在中國從事供水、污水處理及排水之經營及建設服務;固廢危廢業務;環境衛生和水環境治理服務;物業開發及物業投資。

 

基本資料 :

現價: $6.5

市值: 103.02億

市盈率: 6.37倍

周息率: 4.62%

52週高/低: $6.93 /$5.05

10天/50天/250天平均價 : $6.589/ $6.010/ $6.014

 

業務回顧:

截至2020年9月30日止的中期業績,中國水務的收入按年增長17.8%至51.31億元港元; 純利按年跌6.2%至8.26億元港元,撇除一次性事項的影響,則增加30.1%至8.67億元港元,業績符合預期。主要因為城鄉供水一體化策略見效,獲得新的供水及接駁對象,令業務收入有良好增幅。

 

評論:

第一,公司自30/6開展回購,截至10月23日共回購19,126,000股,反映公司對業務發展與前景的信心。

 

第二,隨著新冠疫情在中國內地受控,工商業對供水的需求可望在2021年上半年起漸漸改善,有利毛利率上升。

 

第三,公司覆蓋城市逐步增多,供水需求逐步增加,上半年接駁收入同比增長達20%,快速增長。目前公司在建專案為185萬噸/日,期內供水業務建設進度加快,同比增長25.2%,加上城鄉一體化的持續發展,建築服務收入及接駁收入將保持快速增長。

 

第四,公司主席段傳良先生在業績會上透露,不排除未來分拆環保業務在A股上市的可能性,未來亦會持續積極併購項目。

 

第五,直飲水及指尖水務等增值服務預期未來帶來新利潤貢獻。

 

 

買賣策略
買入價: $5.98

目標價: $8.15

止蝕價: $5.38

 

資料來源: 阿斯達克財經網,披露易,2020年中期業績公告,新浪財經

 

註:本人許偉龍為證監會持牌人士。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.
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