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花旗:将光大环境(00257)升至“买入” 目标价上调至3.4港元

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花旗发布报告称,将光大环境(00257)评级由“沽售”一举升至“买入”,目标价由2.4港元上调至3.4港元,以反映现金流改善。另将今明两年净利润预测下调19%,以反映非现金建筑收入减少。

该行表示,此前予光大环境“沽售”评级,是基于对其自由现金流为负、资产负债率上升以及非现金建筑收入带来的低盈利质量的担忧。而今次升评级是因为今年公司自由现金流目标为正数;净资产负债率似乎趋于稳定;盈利质量正在改善,非现金建筑收入占比从2020年的59%降至2023年的23%。

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