《大行報告》花旗升中燃(00384.HK)目標價至36元評級「買入」
花旗發表報告指,中國燃氣(00384.HK)截至今年3月底止年度的純利優於市場預期4%,主要由於農村接駁用戶較預期為多。因應業績表現,該行上調對集團2020至2021財年的純利預測11%至17%,股份目標價則由34元上調至36元,評級維持「買入」。
花旗表示,中國燃氣繼續為該行在亞洲公用行業的首選,因其有更高的盈利增長,料2019至2022財年的純利年均複合增長率可達20%,而零售天然氣銷售於2020至2021財年預期亦可每年有逾25%的增長;此外,由於可在2020財年獲取更多補貼,估計集團的農村接駁用戶能超過目標;於2020財年,自由現金流可由負10億元轉至收支平衡。
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