《大行報告》花旗下調中資燃氣股目標價 因應油價降燃氣銷售預測
花旗發表報告指,由於市場對全球經濟增長放緩、新型冠狀病毒疫情爆發及供應過多的憂慮,國際油價持續下跌,其中WTI油價跌至每桶34美元,布蘭特油價亦跌至每桶36美元。因應油價下跌,該行下調對中國天然氣的銷售預測,現時預期內地下游天然氣分銷商今明兩年的零售銷氣量增長將與2015年相似,當時WTI原油價格下跌48%,令中國的天然氣替代石油使用受阻,預料類似情況將再次發生。該行下調對華潤燃氣(01193.HK)及新奧能源(02688.HK)今年的零售銷氣量增長預測,最新料分別按年升8%,而中國燃氣(00384.HK)於2021財年的零售銷氣量料按年增長17%。花旗又下調對中資燃氣股目標價,其中華潤燃氣目標價由48元降至46元;新奧能源目標價由101元降至96元;中國燃氣目標價由37.8元降至33元,三企評級均為「買入」。該行認為,以絕對基礎而言,三企平均估值為2021年預測市盈率12.2倍,估值不高並與2016年相似,以相對基礎而言,與2015及2016年對比,三企表現或會跑輸股票市場。另外,花旗下調對煤氣(00003.HK)的目標價,由13.5元降至13元,評級「沽售」。
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