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花旗升润燃(1193.HK)目标价至46.5港元评级“买入”
格隆汇 07-12 11:22

花旗发表研究报告,将润燃(01193.HK)2019至2020年纯利增长预测由原来的每年增长20%,下调至每年增长15%,以反映天然气销售量增长减少,以及人民币贬值的因素。公司首五个月的天然气销量按年增长13%,主要是因为经济疲弱令工业需求放缓所致,该行预期公司2019全年零售天然气销售量按年增长14%。

该行预期公司今年每立方米毛利率达0.59元人民币,与2018年的每立方米0.6元人民币相近。据公司指,大部分增量的天然气原料成本都可以转嫁予终端客户。

花旗将公司目标价提升13.4%至46.5港元,重申其“买入”投资评级,乐见国家发改委公布政策解除对监管城市连接费的威胁;以及公司的财务状况健全。虽然预计其上半年纯利仅按年增长13%,或低於市场预期,但其每股盈利长远有双位数增长具吸引力。

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