《大行報告》摩通首予中集安瑞科(03899.HK)「增持」評級目標價8元
摩根大通發表研究報告,首予中集安瑞科(03899.HK)「增持」評級,目標價8元。公司從事油氣儲存設備生產,摩通料其2019至2021財年各年每股盈利增長介乎7%至18%,受惠於油氣儲存需求,內地運輸及應用相關設施,並受歐洲、美國及非洲化工企業等訂單所支持。
報告認為,市場對天然氣接駁費削減及美國加徵關稅的憂慮反應過度,中集安瑞科現估值吸引,相當於2021財年預測市盈率9倍,低於全球同業的13倍。
中集安瑞科自4月中旬以來股價累跌約26%,摩通認為,這部分反映了內地政府或對油氣分銷商回報設限的風險,這或打擊油氣儲存設備需求。不過,摩通認為,內地天然氣接駁費政策料溫和,以促進內地天然氣滲透率。
此外,公司2018財年有12%收入來自美國。不過,摩通指出,該等向美資客戶出售產品,主要向中國內地付運,不受美國加徵關稅影響,據摩通估算,其2019財年對美國出口收入佔比少於1%。
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