招銀國際:中國燃氣(0384.HK)接駁增長有驚喜 建議現價買入 目標價33港元
招銀國際發佈報告稱,中國燃氣(00384.HK)股價回落至9月中低位,預期會有支持,14天RSI跌至30以下的超賣水平,意味股價有望反彈,建議現價買入,目標價33港元。
該行稱,集團截至9月底止中期毛利同比增長25.7%,主要由天然氣零售量升15.4%、居民用户新接駁數量升15.8%及增值服務收入升96.9%帶動。如果撇除人民幣貶值及非經常項目,核心淨收益升22.2%,符合公司指引及市場預期。而居民用户接駁增長有驚喜,其中城市燃氣項目新接駁用户增21.6%,接駁業務的經營利潤率升7.3個百分點至37%。

該行海城,集團管理層對全年指引維持正面,並略為調高了售氣利潤展望及增值服務毛利率預期。該行認為,集團於東北地區燃氣分銷項目的策略性佈局,有助達到3年盈利年均複合增長20%的目標。
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