同花顺财经

招商证券(香港):给予粤丰环保(01381.HK)“中性”评级 目标价4.70港元

2018-11-09 17:31:15      同花顺财经      

  招商证券(香港)11月8日发布公告。After updating the project pipeline, lowering down construction revenue on later-than expected new project wins, and factoring in gross margin expansion due to revenue shift to higher-margin operation business and cost saving from Dongguan Lujia, we cut our earnings estimates by 3-6% in 2018-20E. Accordingly, our DCF-based TP is down to HK$4.7 from HK$4.9, implying 9% potential upside. Shares are trading at 12.5x 2019E P/E, with an earnings CAGR of 16.4% over 2018-20E, vs its peers’ 7.4x- 8.0x 2019E P/E and earnings CAGR of 16.1-28.4%. Valuation looks fully valued.

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