大和降煤气(0003.HK)评级至“持有”目标价下调至17.9港元
大和发表报告表示,煤气(0003.HK)
今年以来股价累升约18%,跑赢香港公用板块同业4%至18%及恒指16%,煤气今年上半年纯利跌19%,撇除一次性项目因素后,经常性纯利跌7%至约40亿港元,相当于对其今年经修订每股盈测55%。
该行认为,煤气中绩逊预期,即使香港业务售气放缓,但原先仍预期上半年经常性纯利按年持平。不过,其内地公用业务及新能源业务疲弱令该行吃惊。
大和表示,下调煤气2019至2021年各年每股盈测介乎8%至11%,将投资评级由“
跑赢大市
”降至“
持有
”,目标价由18.5港元下调至17.9港元,上按综合方式估值。
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