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《大行报告》花旗下调中资燃气股目标价 因应油价降燃气销售预测
阿思达克 03-10 14:34
花旗发表报告指,由於市场对全球经济增长放缓、新型冠状病毒疫情爆发及供应过多的忧虑,国际油价持续下跌,其中WTI油价跌至每桶34美元,布兰特油价亦跌至每桶36美元。因应油价下跌,该行下调对中国天然气的销售预测,现时预期内地下游天然气分销商今明两年的零售销气量增长将与2015年相似,当时WTI原油价格下跌48%,令中国的天然气替代石油使用受阻,预料类似情况将再次发生。该行下调对华润燃气(01193.HK)及新奥能源(02688.HK)今年的零售销气量增长预测,最新料分别按年升8%,而中国燃气(00384.HK)於2021财年的零售销气量料按年增长17%。花旗又下调对中资燃气股目标价,其中华润燃气目标价由48元降至46元;新奥能源目标价由101元降至96元;中国燃气目标价由37.8元降至33元,三企评级均为「买入」。该行认为,以绝对基础而言,三企平均估值为2021年预测市盈率12.2倍,估值不高并与2016年相似,以相对基础而言,与2015及2016年对比,三企表现或会跑输股票市场。另外,花旗下调对煤气(00003.HK)的目标价,由13.5元降至13元,评级「沽售」。
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