麥格理:升中國燃氣(0384.HK)評級至“跑贏大市” 上調目標價至36.4港元
麥格理髮表報告表示,升中國燃氣(00384.HK)投資評級,由原來“中性”升至“跑贏大市”,將目標價由33.7港元升至36.4港元,以反映公司天然氣銷量增加因素,自從引入俄羅斯天然氣後,相信公司可受惠於內地政府顯着提升東北地區天然氣消費量目標。
該行估計,中國燃氣於2018年至2030年在東北地區的天然氣銷售複合增長率達21%,而華北地區目前天然氣使用率仍較低,因供應短缺。該行指,中國燃氣在東北市場市場份額逾50%,料東北地區天然氣使用量,會從2018年銷量從20億立方米,至2030年會提高至200億立方米,料其毛利率下行風險有限。
麥格理預期,中國燃氣於2020財年上半財年每股盈利按年料升16%,料期內天然氣銷量可按年增長18%,農村住户接駁按年增加15%。
該行另下調中燃2020及2021財年每股盈測分別7%及5%,主因人民幣走弱及假設在2019年底或之前5%認股權發行。麥格理另上調其2022及2023財年每股盈測分別4%及13%,以反映增值服務收入增長加快等。
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