花旗:维持港华燃气(1083.HK)买入评级 目标价7.5港元
花旗发表的研究报告指,港华燃气(1083.HK)去年纯利按年增7%至13.08亿港元(下同),单计下半年则跌1%至5.53亿元,撇除一次性非现金因素的影响后,税后溢利按年增19%至14.56亿元,符预期并较市场预期高1%,而且亦已考虑人民币贬值约4%的影响。该行对于减值损失方面并不太担心,因为属非现金因素,而且只是对公司在东北的城市燃气项目有较谨慎的估算。
该行指出去年公司分类业绩达19.27亿元,当中有53.6%是来自销售及经销管道燃气和相关产品,而燃气接驳则占46.4%。而集团整体燃气销售量则升11%至111.2亿立方米,当中有61.1%是来自工业销售,15.9%来自商业销售,22.4%来自住宅销售,而分布式能源项目则占0.7%。公司期望到2020年燃气销量可增中至高单位数,惟受疫情影响今年首两月则录15%的按年跌幅,而公司亦估计今年燃气销售的每单位利润与去年相似。
该行维持对港华燃气“买入”评级,认为其核心盈利表现符预期,予目标价7.5元。

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