《大行报告》花旗升中燃(00384.HK)目标价至36元评级「买入」
花旗发表报告指,中国燃气(00384.HK)截至今年3月底止年度的纯利优於市场预期4%,主要由於农村接驳用户较预期为多。因应业绩表现,该行上调对集团2020至2021财年的纯利预测11%至17%,股份目标价则由34元上调至36元,评级维持「买入」。
花旗表示,中国燃气继续为该行在亚洲公用行业的首选,因其有更高的盈利增长,料2019至2022财年的纯利年均复合增长率可达20%,而零售天然气销售於2020至2021财年预期亦可每年有逾25%的增长;此外,由於可在2020财年获取更多补贴,估计集团的农村接驳用户能超过目标;於2020财年,自由现金流可由负10亿元转至收支平衡。
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