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<Research>Citi Keeps Buy on BJ ENT WATER, Lifts TP to HKD3.05
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BJ ENT WATER (00371.HK)'s net profit for 2025 declined by 6.9% YoY to RMB1.562 billion, primarily due to a reduction in non-cash construction revenue and impairment related to asset disposals, according to a Citi research report. On the bright side, BJ ENT WATER's free cash flow surged by 2.5 times YoY to RMB5.2 billion, benefiting from the proceeds of non-core project disposals and reduced capital expenditure. Planning to exit more loss-making projects, management anticipates free cash flow to reach RMB3 billion in 2026, with capital expenditure budgeted at no more than RMB4 billion. In light of improved free cash flow and forecast rollovers, Citi has lifted its target price for BJ ENT WATER from HKD2.85 to HKD3.05, with a Buy rating remaining in place. AAStocks Financial News |
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