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《大行报告》花旗下调煤气(00003.HK)目标价至13.5元指盈利质素已被市场高估
阿思达克 08-21 15:10

花旗发表报告指,煤气(00003.HK)盈利质素可能已被市场高估,上半年业绩逊预期,有关表现不足以支撑如此高的估值,包括明年预测市盈率31.6倍及市帐率4.4倍,以及收益率2.5%。

该行表示,公司预期由於天气及社会动荡影响下半年香港销量下降;内地城市燃气之利润亦收窄,主因燃气价格上调计划延後;而商品价格暴跌拖累集团新兴环保能源业务之利润下跌。

该行下调煤气2019至2021年盈利预测9.7%至11.4%,而目标价亦由13.64元降至13.5元,以反映三大业务利润下降,重申「沽售」评级。该行指,於香港公用股板块中,首选是中电(00002.HK),因其利润具防守性及较低市盈率。

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