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《大行报告》瑞信内地城镇燃气接驳费长期阴霾消除首选中燃(00384.HK)新奥能源(02688.HK)
阿思达克 07-04 11:31

瑞信发表研究报告,提到国家发改委在昨日(3日)发布关於规范城镇燃气工程安装收费的指导意见,原则上成本利润率不得超过10%,此规定符合该行预期。该行最近一份研究曾指出,不同地点的成本可能有所不同,因此最终的决定权或交由地方政府。

瑞信又指,最近少数省份,例如湖南及山西等已发布了自已的指导方针,提出了有限的调整。在上市公司之中,中国燃气(00384.HK)及新奥能源(02688.HK)的平均收费较低,低於同业华润燃气(01193.HK)及香港中华煤气(00003.HK)。

该行认为,长期燃气接驳费的问题更明朗化,对行业而言有利。此外,下半年进行的管道改革或会成为下一个催化剂,将有助於分销商提振需求及毛利率。该行的首选股份是中国燃气及新奥能源,评录「跑赢大市」;对润燃及煤气的投资评级则分别为「中性」及「跑输大市」,其估值较高,而且每股盈利年均复合增长较低。

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