中金:華潤燃氣(1193.HK)派息不及預期 維持“跑贏行業”評級
中金公司表示,華潤燃氣(1193.HK)去年業績符合市場預期,但分紅比例卻未如市場預期上調,預計今年銷量或僅實現高單位數增長,公司併購完成時間也會長於預期,維持其盈利預測基本不變,而評級仍是“跑贏行業”,目標價為45港元。
報告指出,華潤燃氣的管理層解釋,分紅比例並未如預期提升,是要預留現金以應對未來不確定性和為併購做準備。
報告説,華潤燃氣2020年指引較為疲弱,預計毛差和新接駁用户均將下滑,同時疫情或影響天然氣銷量,預計今年首季度公司天然氣銷量將同比下滑9%,受此影響,全年銷量或僅實現高個位數成長,華潤燃氣仍有望成為國內天然氣下游分銷市場整合的優勝者,但是時間表不確定性上升。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.