一表了解券商對煤氣(00003.HK)業績後最新目標價及觀點(表)
香港中華煤氣(00003.HK)今早股價受壓，最新報16.34元跌4.4%，券商指公司中期盈利遜預期，料下半年內地業務仍會面臨挑戰，摩根大通更估計煤氣於2022年開始或需要減低每股派息增長。該公司昨日(20日)收市後公布今年中期業績，純利按年跌18.8%至38.89億元，營業額按年升5.8%至203.52億元，每股盈利23仙。中期息維持派12仙。若未計集團所佔國際金融中心投資物業重估增值，集團稅後溢利按年減少5.3%至37.52億元。
【業績遜預期 內地存挑戰】
煤氣指，本港上半年經濟增長放緩，餐飲業煤氣銷售較去年同期下降，加上本港平均氣溫較去年同期高，影響煤氣銷售。上半年本港煤氣銷售量按年跌2.4%至約157.76億兆焦耳，而本港爐具銷售量則按年升7.1%。截至6月底止客戶數目192萬戶，較去年底增加12,084戶。公司8月起調高每兆焦耳煤氣標準收費1.1仙，實質煤氣費增幅為4.4%。公司承諾未來兩年內不再調整煤氣標準收費。
大和證券指，雖早已預期公司旗下香港煤氣業務銷售放緩，但上半年核心業績按年倒退7%遜預期，因內地公用事業及新能源業務表現疲弱令該行感到驚訝。該行下調煤氣投資評級，由「跑贏大市」降至「持有」，目標會由18.5元降至17.9元，同時下調未來三年每股盈利預測，以反映人民幣匯率、短期本港煤氣銷售量、中國售氣毛利及新能源業務盈利假設。
【大和降評級 摩通憂股息】
摩根大通指，煤氣在本港售氣、中國售氣及新能源業務表現均遜預期，管理層亦下調全年本港售氣量至負增長最少1%，縱使煤氣加價能抵銷部分影響。中國售氣業務毛利受中石油4月上調城市門站氣價影響，公司管理層亦承認不能完全轉嫁消費者，售氣增長預測亦下調。該行亦預期新能源業務下半年不會顯著改善。綜合有關因素，該行下調公司未來3每股盈利預測20%，目標價由15.5元降至14.8元，該行估計煤氣於2022年開始或需要減低每股派息增長。
本網最新綜合10間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
大和│跑贏大市-持有│18.5元-17.9元
摩根士丹利│與大市同步│16.3元瑞銀│沽售│16元
高盛│中性│17.09元-15.95元
摩根大通│減持│15.5元-14.8元
匯豐環球研究│持有│14.64元-14.2元
花旗│沽售│13.64-13.5元
野村│減持│13.84元-13.1元
里昂│沽售│9.02元-12元
瑞信│跑輸大市│11.9元券商│觀點
大和│展望疲弱，基於匯率、香港售氣及新能源毛利評估下調盈測
摩根士丹利│對未來五年盈利複合年增長率10%預測存挑戰性
瑞銀│新能源業務拖累中期業績，下調中國業務展望
高盛│香港售氣減少、新能源業務毛利減弱及人民幣疲軟續影響下半年
摩根大通│中期業績遜預期，料下半年面臨挑戰
匯豐環球研究│業績遜預期，本港及新能源業務受多項宏觀挑戰影響
花旗│中期業務遜預期，受香港及新能源業務拖累
野村│中期業績顯示業務持續受壓，指現估值過高
里昂│上半年業績全面疲弱，警惕下半年表現
瑞信│中期業務遜預期，受香港及新能源業務拖累
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