美銀美林:維持崑崙能源(0135.HK)“買入”評級 目標價11.1港元
美銀美林發表報告表示,崑崙能源(0135.HK)
收購金鴻控股旗下17家公司之股權,代價約為16億元人民幣,相當於其2018年市盈率11.5倍及市帳率1.5倍,遠低於該行估計之25至35億元人民幣。該行認為,以金鴻在2018至2019年出售資產予新奧能源(2688.HK)
;崑崙於2015年收購崑崙燃氣股權;以及
在香港上市的
中國燃氣(0384.HK)分銷商的平均市帳率3.4倍及22倍市盈率等方面來比較,崑崙本次收購金鴻該等公司之估值合理。
美銀美林相信崑崙可能是行業整合的關鍵者,因為其戰略定位是中國最大的天然氣供應商中石油(0857.HK)
之唯一下游天然氣平台。該行維持崑崙“
買入
”評級,因其估值吸引及高於同業之燃氣銷量升幅,目標價為11.1港元。
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