You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩下調煤氣(00003.HK)目標價至14.5元 評級「與大市同步」
阿思達克 03-06 10:16
摩根士丹利發表報告指,煤氣(00003.HK)去年香港銷氣量下跌2.9%,今年1月跌幅擴大至5.2%,主要由於近期氣溫和暖使住宅需求下降,而社會不穩及新型肺炎疫情亦影響商業需求。該行預計,集團今年的香港銷氣量將下跌3.5%,中國天然氣項目的氣量增長則料由去年的13%,放慢至今年的10%,主因煤改氣放緩及疫情造成影響。該行下調對煤氣股份目標價,由16.3元降至14.5元,評級維持「與大市同步」,並下調集團2019年至2021年盈利預測介乎8.2%至12.2%。大摩預期,煤氣於香港、中國、新能源及物業四個業務塊板今年的盈利將受壓,但並不認為集團具韌性的業務模式基本面有改變。大摩補充,自2010年起煤氣「十送一」送紅股的往績從未中斷,但2003至06年(沙士)及2009年(金融海嘯)曾暫停。大摩認為,送紅股或在(1)危機時刻,及(2)盈利增長少於10%時或暫停,而2019至2020年符合上述標準。該行稱,假如3月全年業績發布時沒有送紅股,實際中斷每股分派增長10%的步伐,股價料短期受壓。不過,煤氣或透過回購支持股價,對上一次大規模回購在2009年,涉1.36億股,當時以相當於經常性利潤22至28倍的估值進行。
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.
uSMART
Wealth Growth Made Easy
Open Account