《大行報告》摩通:煤氣(00003.HK)削送紅股比例會令市場降估值 維持「減持」評級
摩根大通發表報告表示,過去煤氣(00003.HK)每年均以每10股送1紅股,以支持股價較同行存估值溢價50%至100%,惟公司昨日(19日)公布去年度業績時,改為每20股派1紅股,另維持全年派息35仙,因此變相是削減股息一半,會令市場下調其估值;加上煤氣去年度純利亦是過去十年以來最差的表現,經營溢利按年下跌6%至70億元,遜於該行及市場預期。
報告補充,公司對今年業務前景感審慎,今年首季內地燃氣銷量按年跌15%,預料全年僅增單位數;香港業務亦因疫情導致需求疲弱;油價下跌則拖累新能源業務之表現,整體而言,該行預計煤氣今年盈利將受壓,故維持其「減持」評級,目標價13.5元。該行認為,於本港公用股中,較看好中電(00002.HK)及港燈(02638.HK)。
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