摩通降煤气(0003.HK)目标价至14.8港元料2022年开始或降每股派息增长
摩根大通发表报告表示,煤气(00003.HK)上半年业绩较该行预期低10%,受累三个业务包括本港煤气、内地燃气及新能源业务分部的收入及及利润率均逊预期。另外,由於未能转移成本,故内地售气业务的固定边际利润亦下跌约10%,至到每立方米0.55元人民币。

该行指,煤气管理层直言本港受到示威以及内地受贸易战影响,导致两地经济放缓,故对今年下半年公司指引感到不乐观。将内地售气量指引由15%调低至逾10%,而本港指引则定为下跌1%。该行更认为煤气或将会自2022年开始降低每股派息增长。
摩通称,考虑到煤气业绩不理想,故将2019年至2021年每股基本盈利预测调低20%,分别至0.5元、0.56元及0.59元,反映经营盈利疲弱及物业重估收益下跌。同时,将目标价由15.5港元降至14.8港元,此按综合方式作估值,相当于预测2020年市盈率29倍,重申“减持”评级。
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