高盛:升中燃(0384.HK)目標價至37港元 評級“買入”
高盛指,中國燃氣(0384.HK)
截至9月底上半財年純利錄49億港元,較該行預測高出3%,主要是由於城市燃氣管道網建設的接駁費用收入好於預期,為投資者帶來驚喜,認為中燃正在採取多項關鍵戰略措施,包括每年有10至20個潛在併購目標,以繼續推動強勁的銷量和收益增長,維持其“
買入
”評級。
該行指出,即使天然氣銷量增長放緩至15.4%,但公司仍能維持2020及2021財年年複合增長率25%的指引。期內家庭總連接數保持在550萬户,當中城市燃氣項目用户比例比農村高,有助確保未來天然氣銷量達到較高水平。
高盛將集團2020年至2022年度每股盈利預測上調1%至3%,目標價提升1.4%至37港元,以反映上半財年業績增長強勁,但有部分被鄉鎮項目接駁進度緩慢及LPG銷售表現較弱所抵銷。
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