摩通:降潤燃(1193.HK)評級至“中性” 重申煤氣(0003.HK)“減持”評級
摩通發表的研究報告指,今年以來中國燃氣股的表現跑贏國企指25%,主要受惠規模增長及利潤穩定,而進入冬季該行認為經濟表現弱加上煤改氣減慢,或拖累燃氣需求增長表現,建議可先在華潤燃氣(01193.HK)上獲利,並重申對香港中華煤氣(00003.HK)“減持”評級,認為香港燃氣需求增長負面,同時亦建議囤積中國燃氣(00384.HK)及崑崙能源(00135.HK),認為其估值吸引。
該行將潤燃評級由“增持”降至“中性”,認為公司股價今年以來已升42%,主要受惠利潤改善及近期被納入國指,但公司今年首九月銷量增長僅11%,低於

該行預期的15%,相信銷量減速主要受經濟放慢所影響,目標價由44港元削至42.3港元,意味有4%的下行空間。
另外,由於今年首九月中華煤氣的燃氣需求按年下跌3%,主要受天氣較暖影響,加上社會不穩為工商客表現帶來壓力,考慮到近期的情況,該行估計勢頭將持續至今年第四季甚或明年,將全年香港燃氣需求量由跌1%進一步調整至跌2%,將公司目標價由14.8港元降至13.5港元。
在崑崙能源方面,該行指出公司於江蘇的設施於9月中受颱風所損,並預計將在下週完成復修,預期將拖累其整體利用率降至75%,對2019年盈利將有約2%的影響,但由於屬一次性事件,加上公司長期投資表現維持穩健,會在股份回調時囤積,給予目標價8.7港元,評級“增持”。
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