Bank of America Securities released a research report stating that EB ENVIRONMENT (00257) reported a 10% year-on-year decline in net profit for the first half. However, excluding one-time items, profit before tax (PBT) grew 23% year-on-year, significantly beating expectations. The interim dividend increased by 1 HK cent, with the payout ratio reaching 42%, up 7 percentage points year-on-year.
The firm reiterates its "Buy" rating on EB ENVIRONMENT, expecting an attractive full-year yield of 6.5%, with potential upside in dividend payments. The bank has raised its earnings per share forecasts for 2025-27 by 23% to 38%, reflecting improved gross margins in waste-to-energy, green technology and sewage treatment businesses, reduced impairment losses, and lower debt costs. The target price has been raised from HK$4.5 to HK$5.3.
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