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大和:升崑崙能源(0135.HK)評級至“買入” 目標價7.8港元
格隆匯 10-21 14:13

大和總研發表研究報告指,崑崙能源(0135.HK)位於唐山的液化天然氣接收站正進行擴張及快速增長,現時的低估值未反映下游業務的前景。大和將其投資評級由“優於大市”調高至“買入”,惟目標價由9.6港元調低18.75%至7.8港元。

大和指出,唐山液化天然氣接收站之容量上升,預計在2020年10月會有更多16萬立方米的儲槽系統投入營運,接收站的使用率首9個月按年持平,而預計全年使用率會超過8成,接近最大容量。大和續指,崑崙能源在城市天然氣供應業務亦有增長,現時有17個估值吸引的相關下游業務,未來管理層亦會以上下游合作方式擴張業務。

大和認為,崑崙能源的股價已過度調整,現時反映下游天然氣業務的市帳率只有不多於1倍,對比其他主要天然氣供應商的大於3倍便宜,同時將其2019-2021年的每股盈利預測降低1-2%,以反映其城市門站價格上升。

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