一表了解券商对煤气(00003.HK)业绩後最新目标价及观点(表)
香港中华煤气(00003.HK)今早股价受压，最新报16.34元跌4.4%，券商指公司中期盈利逊预期，料下半年内地业务仍会面临挑战，摩根大通更估计煤气於2022年开始或需要减低每股派息增长。该公司昨日(20日)收市後公布今年中期业绩，纯利按年跌18.8%至38.89亿元，营业额按年升5.8%至203.52亿元，每股盈利23仙。中期息维持派12仙。若未计集团所占国际金融中心投资物业重估增值，集团税後溢利按年减少5.3%至37.52亿元。
【业绩逊预期 内地存挑战】
煤气指，本港上半年经济增长放缓，餐饮业煤气销售较去年同期下降，加上本港平均气温较去年同期高，影响煤气销售。上半年本港煤气销售量按年跌2.4%至约157.76亿兆焦耳，而本港炉具销售量则按年升7.1%。截至6月底止客户数目192万户，较去年底增加12,084户。公司8月起调高每兆焦耳煤气标准收费1.1仙，实质煤气费增幅为4.4%。公司承诺未来两年内不再调整煤气标准收费。
大和证券指，虽早已预期公司旗下香港煤气业务销售放缓，但上半年核心业绩按年倒退7%逊预期，因内地公用事业及新能源业务表现疲弱令该行感到惊讶。该行下调煤气投资评级，由「跑赢大市」降至「持有」，目标会由18.5元降至17.9元，同时下调未来三年每股盈利预测，以反映人民币汇率、短期本港煤气销售量、中国售气毛利及新能源业务盈利假设。
【大和降评级 摩通忧股息】
摩根大通指，煤气在本港售气、中国售气及新能源业务表现均逊预期，管理层亦下调全年本港售气量至负增长最少1%，纵使煤气加价能抵销部分影响。中国售气业务毛利受中石油4月上调城市门站气价影响，公司管理层亦承认不能完全转嫁消费者，售气增长预测亦下调。该行亦预期新能源业务下半年不会显着改善。综合有关因素，该行下调公司未来3每股盈利预测20%，目标价由15.5元降至14.8元，该行估计煤气於2022年开始或需要减低每股派息增长。
本网最新综合10间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
大和│跑赢大市-持有│18.5元-17.9元
摩根士丹利│与大市同步│16.3元瑞银│沽售│16元
高盛│中性│17.09元-15.95元
摩根大通│减持│15.5元-14.8元
汇丰环球研究│持有│14.64元-14.2元
花旗│沽售│13.64-13.5元
野村│减持│13.84元-13.1元
里昂│沽售│9.02元-12元
瑞信│跑输大市│11.9元券商│观点
大和│展望疲弱，基於汇率、香港售气及新能源毛利评估下调盈测
摩根士丹利│对未来五年盈利复合年增长率10%预测存挑战性
瑞银│新能源业务拖累中期业绩，下调中国业务展望
高盛│香港售气减少、新能源业务毛利减弱及人民币疲软续影响下半年
摩根大通│中期业绩逊预期，料下半年面临挑战
汇丰环球研究│业绩逊预期，本港及新能源业务受多项宏观挑战影响
花旗│中期业务逊预期，受香港及新能源业务拖累
野村│中期业绩显示业务持续受压，指现估值过高
里昂│上半年业绩全面疲弱，警惕下半年表现
瑞信│中期业务逊预期，受香港及新能源业务拖累
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