大和:煤氣(0003.HK)或維持幾年20送1紅股 給予“持有”評級
大和總研發表研究報告指,香港中華煤氣(0003.HK)去年收入按年增長4%至406億港元(單位.下同),但淨利潤按年下降25%至70億元,剔除特殊項目和國際金融中心的重估收益,經常性核心淨利潤按年下降21%至60億元。該行給予其“持有”評級。
該行指,集團全年派息與2018年相同,全年股息為35仙,但紅股分派方面則從過去20年的10送1改為20送1,意味着其每股分派今年的增長為5%,低於前幾年的10%,預計集團在未來幾年內或保持20送1政策,直至其新能源業務可以提供更多的運營現金流。
該行指,預計最近的新型冠狀病毒大流行將進一步打擊香港旅遊業,因此今年上半年預計煤氣銷量前景不明朗,因為商用煤氣的銷量佔總銷量的42%,香港的總銷量已按年下降5.7%。香港政府在2月加強了邊境管制,訪港旅客量顯著下降,商用煤氣的銷售量按年下降14%。同時,由於氣温下降和更多居民在家做飯,住宅煤氣銷售按年增長7%。該行又指,不排除在9月的立法會選舉之前社會動盪升級的可能性。

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