《大行報告》瑞信降昆侖能源(00135.HK)評級至「跑輸大市」目標價下調至5.5元
瑞信發表研究報告,指天然氣管道網絡整合和管道基礎設施擴建(2015至2025年複合年增長率逾10%),意味當管道燃氣市場變得更加發達,國內液化天然氣(LNG)市場份額可能更趨分散。
該行指,昆侖能源(00135.HK)的液化天然氣加工廠2018年的利用率僅為36%,且未見盈利,在可見的將來亦不太可能錄得盈利。加上公司連續三年作減值撥備,該行預期公司的液化天然氣終端和加工廠的利用率將從2020年開始逐漸減少,帶來進一步減值風險。為反映液化天然氣加工廠利用率低下,該行下調其2020至2021年每股盈測介乎約36%至40%,目標價由8.5元降至5.5元,評級由「中性」降至「跑輸大市」。
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