野村:予新奧能源(2688.HK)及中國燃氣(0384.HK)“買入”投資評級
野村發表研究報告稱予新奧能源(02688.HK)及中國燃氣(00384.HK)“買入”投資評級,予華潤燃氣“中性”投資評級。
該行表示,國家發改委公佈,10月完成天然氣表觀消費量233億立方米,同比增長0.4%,完成天然氣產量146億立方米,同比增長約8%。前10個月累計天然氣需求增長減慢,同比增速放緩至9%,而去年同期增長為17%,主要由於宏觀經濟放緩及去年基數較高。
報告表示,仍對中國天然氣板塊維持正面看法,首選依次為新奧能源(02688.HK)、中國燃氣(00384.HK)、華潤燃氣(01193.HK)。這主要因為全球持續下降的天然氣需求有助減輕天然氣分銷商於冬季的價差(dollar margin)壓力,而分銷商需確保從本地液化天然氣(LNG)生產商或中石油(00857.HK)獲得充足的天然氣或LNG以應付強勁需求。
該行認為,預期大部分天然氣分銷商的價差會有所改善,預計新奧能源及中國燃氣下半年的價差擴大每立米0.2元人民幣。去年下半年城市門站的價格有所上升,政府也有提供補貼,該行相信中國燃氣能完成2020財年累積農村居民用户全年目標的25%,預計2020財年的下半年將有280萬名農村居民用户對燃氣有強烈需求。
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