《大行報告》大和升潤燃(01193.HK)目標價至43元評級「跑贏大市」
大和發表報告指,華潤燃氣(01193.HK)股價由7月15日開始已調整了6%,相信是反映在工業活動放緩的情況下,市場憂慮集團今年上半年增長緩慢,僅略高於10%。
該行表示,潤燃在今年至2021年的收益率料可擴張1.1個百分點,優於同業的0.4至0.7個百分點。另外,集團有長期穩定的每年60億至80億元資本開支用於城市天然氣,使自由現金流上升,因此相信其已進入收成期。
大和對潤燃股份目標價由42元上調至43元,評級維持「跑贏大市」。該行認為,由於資本開支長期穩定,預期集團的每股派息長期每年有10%的增長,派息比率由2018年38%,提升至2024/25年50%。以目前股價水平而言,於2030年的股息收益率可達8%。
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