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高盛:上调华润燃气(1193.HK)评级至中性 目标价37.8港元
格隆汇 09-11 14:18

高盛发表报告指,自该行在华润燃气(1193.HK)公布中期业绩前下调公司投资评级后,润燃股价已累跌11%,表现较同期恒生指数跌6%及国企指数跌4%逊色,同时亦较该行所覆盖的燃气股期内跌6%为差。考虑到润燃具有强劲的资产负债表及健康现金流,因此将其投资评级由“沽售”上调至“中性”,维持目标价37.8港元。

高盛认为,润燃是一间高质素及相对较保守的燃气分销商。截至今年6月,公司拥有249个城市燃气项目,并主要集中于内地经济发展较好的城市。此外,公司杠杆比率亦较同业低,故润燃有能力可通过大规模及高质量的收购,以弥补其自然增长减慢,预期公司售气量仍有望达双位数增长。

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