花旗发表报告，重申对北控水务(00371.HK) “买入”评级，目标价下调1.9%至2.65元。该行认为，其估值相当于预测今年市账率0.8倍和6.9厘收益率具吸引力。
该行指出，北控水务去年利润按年跌11.5%不令人担忧，因主要源于更多的非现金减值损失。且盈利质素改善，其盈利中现金产生业务收入占比按年升7.8个百分点至85.8%，去年自由现金流按年升35%至14.8亿元人民币，公司目标今年再增10亿元人民币。该行又指，公司去年每股股息按年升2.5%至0.161港元，派息率按年升16.8个百分点至95.2%。
该行下调对北控水务今明两年盈利预测19%和16%，反映非现金建设收入减少及处置损失增加。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-28 12:25。)
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