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中金:燃氣板塊首選華潤燃氣(1193.HK)及新奧能源(2688.HK)
格隆匯 02-20 15:49

中金髮布報告稱,預計2020年供氣公司的增長進一步放緩,行業整合加速,華潤燃氣(1193.HK)與新奧能源(2688.HK)仍為燃氣板塊的首選,主要看好其在收購所帶來的上行空間。

報告指出,隨着行業改革的推進,一些小的城市供氣公司或被逼退出市場,上游天然氣價格上漲意味着規模較小、效率較低的供氣公司將會出現更多虧損。

報告預計,大多數省份都無法達到十三五規劃中的天然氣消費目標,預計2020年內地全國天然氣消費增長放緩至5%-6%,去年為8.4%。推薦關注工商業敞口風險較低,且處於估值底谷的北京控股(0392.HK)及深圳燃氣,主要因其LNG碼頭盈利能力超預期,以及外延併購的潛力。

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