大和:降港華燃氣(1083.HK)評級至“持有” 目標價下調至4.8港元
大和發表報告表示,受武漢肺炎疫情持續擴散影響,中央已延長農曆新年假期至2月2日,部分地方政府部門更進一步延至2月9至13日才復工,因此倘春節假期進一步延長,該行預期內地工業活動難於在2月恢復;由於港華燃氣(1083.HK)
與工業關連度高,儘管估值吸引,僅相當於今年預測市盈率約10倍,低於大型同業的介乎14至16倍,仍將其評級由“
跑贏大市
”降至“
持有
”。
該行認為,港華燃氣之燃氣銷售與經濟增長息息相關,故下調其2019至2021年度每股盈測介乎6%至9%,以現金流折現率計,目標價相應由6.3港元降至4.8港元。
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