中金:首予中煙香港(6055.HK)中性評級 目標價19港元
中金首予中煙香港(6055.HK)中性評級,目標價19港元,即較昨天收市價20.02港元,仍有5.9%的下行空間。
中金報告指出,中煙香港作為中煙公司旗下唯一的上市資產,稀缺性明顯,而且未來業務亦具增長潛力,但因新股上市,股價波動較大,認為當前估值偏高。
報告指,公司進出口業務均採用固定的成本加成定價模型,給予上下游基本相同的帳期,利潤即現金,輕資產模式基本無需資本開支,是非常典型的現金牛業務。
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