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《大行報告》摩通降煤氣(00003.HK)目標價至14.8元料2022年開始或降每股派息增長
阿思達克 08-21 11:21

摩根大通發表報告表示,煤氣(00003.HK)上半年業績較該行預期低10%,受累三個業務包括本港煤氣、內地燃氣及新能源業務分部的收入及及利潤率均遜預期。另外,由於未能轉移成本,故內地售氣業務的固定邊際利潤亦下跌約10%,至到每立方米0.55元人民幣。

該行指,煤氣管理層直言本港受到示威以及內地受貿易戰影響,導致兩地經濟放緩,故對今年下半年公司指引感到不樂觀。將內地售氣量指引由15%調低至逾10%,而本港指引則定為下跌1%。該行更認為煤氣或將會自2022年開始降低每股派息增長。

摩通稱,考慮到煤氣業績不理想,故將2019年至2021年每股基本盈利預測調低20%,分別至0.5元、0.56元及0.59元,反映經營盈利疲弱及物業重估收益下跌。同時,將目標價由15.5元降至14.8元,此按綜合方式作估值,相當於預測2020年市盈率29倍,重申「減持」評級。

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