匯豐研究:公用股首選燃氣 推薦中燃(0384.HK)、潤電(0836.HK)等
匯豐研究發表報告,指出在天然氣股份方面有三大變化,由今年起一條新的俄羅斯管道將為中國東北地區提供中國天然氣總需求的1.5%,並計劃到2025年將此百分比增加到10%;國家石油天然氣管道集團的成立將控制大部份國有能源公司的主要油氣輸送管道,而這是一個重大的行業改革,將降低運輸的單位成本;天然氣銷售的增長日漸成熟,不少企業正尋找替代能源的收入來源,例如綜合能源,而這是一個高效的程序,因為天然氣產生電力後,其製造出來的熱水及蒸汽可以被回收並出售。
在煤炭股方面,雖然煤炭獨立發電商在去年再次經歷盈利復甦的一年,但由於擔心新的關税制度會損害今年的盈利能力,因此這板塊的股份又再被拋售。隨着新的關税制度漸見清晰,相關消息聽起來似乎好過預期,加上實施新的供給側改革,盈利前景可能會有改善。
在太陽能方面,雖然工程的進度或會受最近的新型冠狀病毒肺炎影響,但該行相信新安裝的速度將會在今年復甦,因為大部份在去年延期的項目將會推至今年。
至於環保事業方面,相信需求會保持強勁增長,尤其是對廢物轉化為能源的需求。隨着政府提高進入公私合營(PPP)項目參與者的門檻,優質的運營商或會從中受益。
該行推薦中國燃氣(0384.HK)
、華潤電力(0836.HK)
、中國光大國際(0257.HK)
、信義光能(0968.HK)
、長和(0001.HK)
及長江基建集團(1038.HK)
等,並建議避開中國核電企業及電能設備股。當中,光大國際目標價由9.4港元降至7.6港元,評級“
買入
”;信義光能目標價由5.8港元升至6.8港元,評級“
買入
”;長建目標價看67港元,評級“
買入
”。
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