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瑞銀:下調北控(0392.HK)目標價至50港元 評級“買入”
格隆匯 10-25 12:52
瑞銀髮表報告,將北控(0392.HK) 目標價由55港元下調至50港元,並削未來數年盈利預測1%至9%。該行解釋,下調目標價主要是由於北京燃氣藍天(6828.HK) 毛利率下降及人民幣兑港元的貶值所致。同時由於內地當局天然氣接駁費政策的不確定性已消除,中國燃氣(0384.HK) 的盈利預測得以提高,抵消對北控的部分負面影響。
該行預計,北控2020年整體利潤率(不含增值税)每立方米將下降0.01元人民幣;而北京燃氣2020年的營業利潤按年下降14%,但受銷量增長推動,有望在2021年及2022年分別按年回升1%和4%。瑞銀認為北京燃氣毛利率下降屬一次性事件,維持北控“ 買入 ”評級,相信該公司管理層有能力將淨負債率由今年的52%,下降至2022年的28%,支持派息率提升至20%以上,料2020/2021年股息回報分別為3.9%/4.6%。
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