大和:升中国燃气(0384.HK)评级至“持有” 目标价上调至29.95港元
大和发表报告指,预期国家油气管网公司将于今年第四季至2020年成立,相信有助降低天然气购买成本,并缓和中国燃气(00384.HK)的利润受挤压的情况,该行将公司评级由“跑输大市”升至“持有”,目标价由26.9港元升至29.95港元。

该行认为国家油气管网公司属长期的正面催化剂,料2020年底将完成设立,料对天然气分销商有利,因为可自第三方获得较便宜的天然气资源,而国家油气管网公司一旦可更独立地营运,将投放较多资本开支於建造管网,相信可助提升国家天然气渗透。该行相信天然气成本下降可部分抵销公司利润受压的情况。
该行指出受制於天然气供应,公司2019财年只连接93万个乡郊项目,而已完成的350万个项目中有80万个获补助,由於燃气取暖较燃煤贵,所以负担能力下降会减低乡郊天然气使用及项目回报,该行相信直至管网公司设立并降低天然气价格前,政府焦点将由燃气取暖改为聚焦於提供可负担的替代品
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