交銀國際:維持中國燃氣(0384.HK)“買入”評級 目標價38.6港元
交銀國際發佈報告稱,將中國燃氣(00384.HK)目標價由39港元下調1%至38.6港元,維持“買入”評級。
該行稱,中國燃氣(00384.HK)上半年核心利潤升22%至49億港元,超預期約2%。該行認為,毛差前景改善,售氣增長略放緩,假設2020財年零售天然氣銷售十年僅增長23.3%,對工商用户銷量的預測大致保守。售氣毛差方面,管理層將指引上調0.01元人民幣至0.61元/立方米,主要原因是農村地區售氣毛差得到改善。
該行預計,2020財年下半年補貼回收加快。上半年補貼回款達20億港元,管理層預計,在進一步為100萬農村用户完成連接工程後,還再有30億的補貼;該行認為,這應有助於改善2020財年下半年的現金流。
該行又稱,中燃仍然是俄羅斯天然氣進口的最大受惠者,但該行將2020-2022財年的盈利預測削減約1%,以反映天然氣銷售增長略有放緩。

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