东吴证券指出，水务固废前期受收款担忧估值下行，化债+市场化改革推进，解决付费痛点后迎价值修复。以应收市值弹性系数衡量化债弹性，光大环境(70%)、绿色动力环保(55%)、北控水务集团(51%)弹性突出。BJ ENT WATER (00371) surged nearly 5% at the end of trading. As of the report, it rose 3.83% to HKD 2.44, with a transaction volume of HKD 55.7084 million.
According to the Zhitong Financial APP, BJ ENT WATER (00371) surged nearly 5% at the end of trading. As of the report, it rose 3.83% to HKD 2.44, with a transaction volume of HKD 55.7084 million.
HAITONG SEC believes that with the continuous advancement of debt resolution policies, it is expected to effectively improve the current collection issues. This will not only reduce the decline in profit margins caused by credit impairment losses in the income statement but will also further enhance the Sector's cash flow, maintaining a high dividend ratio for Water Affairs, thus addressing the flaws in the original high dividend logic and further driving the Sector's valuation.
Soochow pointed out that the valuation of Water Affairs and solid waste was downgraded due to concerns about receivables. With the implementation of debt resolution and market-oriented reforms, value recovery is expected after addressing payment pain points. Measured by the elasticity coefficient of receivables Market Cap, EB ENV (70%), DYNAGREEN ENV (55%), and BJ ENT WATER (51%) show remarkable elasticity.
