花旗降润燃(1193.HK)目标价至46港元重申“买入”评级
花旗发表研究报告,指华润燃气(1193.HK)
上半年纯利升10.6%至29.28亿港元,逊市场预期,但倘撇除人民币贬值影响,纯利按年升17.6%,则符预期,其中零售天然气销量录稳健增长,按年升13.1%,媲美同业,但公司下调全年零售天然气销量增长预测,由20%下调至15%。
该行指,润燃零售天然气业务每立方米利润于上半年降4分人民币,至58分人民币。另公司于8月签约购买宁波城市燃气项目51%股权,预期会于10月完成,并将第四季的数字合并至报表中,预期年化纯利约1.6亿港元,相信该项目盈利能力於完成收购后将有提升。报告称,依赖正面自由现金流及20亿港元净现金(相当于每股93港仙),润燃在并购上具强劲财政能力。
花旗下调润燃2019至2021年盈测介乎1%至4%,以现金流折现率计,目标价降1%,由46.5港元降至46港元,重申“
买入
”评级。
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