大和下调港华燃气(1083.HK)目标价至6.25港元评级升至“优于大市”
大和发表研究报告指,港华燃气(1083.HK)股价年初至今已下跌6%,表现跑输同业,认为反映了中国经济放缓,导致工业气体销售疲软。该行将港华燃气目标价下调3.1%,由原来的6.45港元降至6.25港元,而评级则由“持有”升至“优于大市”。
大和表示,尽管中美贸易摩擦紧张,令到工业活动急剧放缓,但公司在今年上半年实现了工业气体销售按年增长17%,其中三分之二来自煤改气。该行认为,虽然公司关注工业园区项目,但预料公司将在下半年保持持平的天然气销量增长。
该行又指,将2019至2020年的天然气销量下调2个百分点,而每股盈利预测亦下调1%至4%。
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