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花旗升天伦燃气(1600.HK)目标价至11.2港元评级“买入”
格隆汇 08-23 11:11

花旗发表报告指,中国燃气(00384.HK)股价自2017年以来累升两倍,主要是受惠内地农村「煤改气」政策带动盈利上升,该行预期天伦燃气(01600.HK)会在湖南省复制类似的投资主题,因此重申天伦燃气“买入”评级。

该行相信,在低基数下带动燃气销量上升(2019至2020年年均增长25%);相对具坚性的固定边际利润(dollar margin);来自农村接驳的额外增长料於下半年加速。该行认为天伦燃气估值吸引,现价相当於2020年预测市盈率6.8倍,并估算其2018至2021年每股盈利年均复合增长料达36%。

不过,花旗下调其2019至2021年之盈利预测介乎3%至4%,以反映上半年一次性亏损的因素,以及2020至2021年较为保守的固定边际利润预测,目标价则由11港元升至11.2港元。

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