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<Research>BofAS Adds EB ENVIRONMENT (00257.HK) TP to $6.2, Rating Buy
Recommend 4 Positive 6 Negative 9 |
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BofA Securities released a research report reiterating rating at Buy for EB ENVIRONMENT (00257.HK) on the potential doubling of 2025 free cash flow (FCF) to $9 billion due to a downcycle in capital expenditure; the gradual increase in DPS, supported by an approx. 20% FCF yield and a forecasted EPS CAGR of 11% from 2024 to 2027; the potential revaluation from the proposed A-share issuance; and an attractive projected dividend yield of 5.7% for 2026. Based on discounted cash flow, the broker added its target price from $5.3 to $6.2. BofA Securities explained that the expected doubling of 2025 FCF is mainly due to the receipt of RMB3.6 billion in renewable energy subsidies, a significant increase from RMB1.9 billion received in 2024. The broker predicted 2025 capital expenditure to lower by 50% YoY to approx. RMB2.5 billion, with no acquisition targets. The Company's operating profit growth remained stable, and there is no deterioration in accounts receivable. AASTOCKS Financial News |
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