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《大行报告》瑞信降昆仑能源(00135.HK)评级至「跑输大市」目标价下调至5.5元
阿思达克 06-04 11:22

瑞信发表研究报告,指天然气管道网络整合和管道基础设施扩建(2015至2025年复合年增长率逾10%),意味当管道燃气市场变得更加发达,国内液化天然气(LNG)市场份额可能更趋分散。

该行指,昆仑能源(00135.HK)的液化天然气加工厂2018年的利用率仅为36%,且未见盈利,在可见的将来亦不太可能录得盈利。加上公司连续三年作减值拨备,该行预期公司的液化天然气终端和加工厂的利用率将从2020年开始逐渐减少,带来进一步减值风险。为反映液化天然气加工厂利用率低下,该行下调其2020至2021年每股盈测介乎约36%至40%,目标价由8.5元降至5.5元,评级由「中性」降至「跑输大市」。

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