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《大行報告》花旗下調煤氣(00003.HK)目標價至12.5元 削送紅股比例顯示對前景趨保守
阿思達克 03-20 14:26
花旗發表研究報告,指煤氣(00003.HK)的股價今年以來只跌4.2%,這是由於其盈利防守能力及紅股分配所致。但該行認為其業務目前遇上風險,油價大跌危及其盈利表現,或會令內地的天然氣需求減少,從而減少石油天然氣的替代品,並令銷售價格及化工業務銷售減少。另外,公司將其紅股派發由以往的「十送一」改作「二十送一」,因為管理層認為商業環境更具不確定性,因此趨向更保守,而該行認為其估值目前並不合理。

該行將公司2020至2021年的盈利預測下調10至14%,主要是由於內地天然氣銷售增速放緩,以及化工項目的貢獻減少所致。目標價由13元下調4%至12.5元。投資評級為「沽售」。公司最新公布的2019年純利按年下跌25%至69.66億元,較市場及該行預期低出10至18%。

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