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大和料港华燃气(1083.HK)销售量增长放缓降目标价至6.45港元
格隆汇 07-15 14:06

大和总研发表研究报告指,港华燃气(1083.HK)今年首四个月的总燃气销售量按年增长由18%下跌至15%,主要由于工业活动放缓所致。大和认为,港华燃气今年上半年的燃气销售量增长及利润率有放缓,将目标价由6.5港元,略下调0.77%至6.45港元,维持“持有”投资评级。

大和表示,港华燃气的销售量较受经济增长影响,加上城市天然气门站加费幅度调低,损害了公司利润率的前景,故预期上半年的利润率收窄至每立方米0.55元人民币。另外,公司为对冲天然气成本加速投资,大和预期公司2020年后为辽宁供应燃气后,销售量增长可以维持在中双位数。而该行料人民币贬值,调低2019-2020年每股盈利预测5-6%。

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