高盛:升中燃(0384.HK)評級至“買入” 目標價上調至36.5港元
高盛發表研究報告指參觀中國燃氣(0384.HK)
在黑龍江的項目後,認為當地氣需求比預期高,當俄羅斯管道供應12月商用化後,相信公司可以領導當地市場,令北方增長至2030年可達10倍。
該行指,公司在工商業客户以氣取替煤和中央化居民供暖項目方面有很大的機遇,及東北寒冬氣候的壓縮天然氣及液體天然氣車輛也有更好商機。公司預期東北地區的邊際利潤較目前業務組合平均水平每立方米0.61元人民幣會略高,但需視乎俄國氣的定價。
該行又指,公司銷量增長放慢亦對投資者造成憂慮,但預期下半年來自鄉村用户的接駁量增加,可帶動銷售氣上升,而公司指不需要大型併購才可達標,公司目前對2020年的銷售增長預期維持在25%。
該行表示,因應股價最近跑輸恆指10%及其他燃氣公司0.7%,故將公司評級由“
中性
”升至“
買入
”,目標價亦提升2.5%至36.5港元。
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