匯豐研究:首予中燃(0384.HK)“買入”評級 目標價38港元
匯豐環球研究發表報告,首次覆蓋研究中國燃氣(00384.HK),予其“買入”評級,目標價38港元。該行表示,雖然中燃是由私人管理團隊在二十多年前創立,但其亦得到國有企業北京控股(00392.HK)的支持,北控自2013年開始為集團單一最大股東,持股24%,而中燃創辦人及總裁劉明輝則為第二大股東,持股21%。該行認為,集團的國有及私人結合背景可使其商業化運作,達至穩固的執行能力,及有強勁的銀行信貸額度支持。
匯豐研究表示,內地今年開始將由俄羅斯進口天然氣,預期有50億立方的天然氣輸送至中國東北部,而輸氣量計劃在2025年進一步增加至380億立方,預計中燃可成俄羅斯氣的最主要受惠者,因集團有19%的管道氣項目是位於東北,而且其聚焦的黑龍江省與俄羅斯有接駁,相信俄羅斯供氣與現時區內所用燃料相比有競爭力。
另外,該行預期中燃在2020至2022財年的銷氣量(撇除管道貿易)可分別增長26%、25%及21%,意味2019至2022財年的年均複合增長率達24%。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.