中金:維持中國燃氣(0384.HK)“跑贏行業”評級 目標價30港元
中金髮布報告稱,中國燃氣(0384.HK)公佈向董事和合格僱員授出股份期權一共2.68億份,其中董事1.09億份,合格僱員近1.6億份,每股行權價均為4月23日收盤價23.8港元,並且有效期均為即日起到2026年12月31日(包括首尾兩日)。最新授予的這批期權同2019年7月更新的盈利目標保持一致,為2022財年歸母淨利潤達到140億元;或2023財年歸母淨利潤達到150億元。
該行稱,如果兩個條件均沒有滿足,期權自動作廢。如果以2022財年的目標來計算,隱含的2021財年至2022財年的年均複合盈利增速為23%;如果2023財年的目標來計算,隱含的2021財年至2023財年的年均複合盈利增速為18%。
該行預計中國燃氣2020財年的盈利增速放緩,主要受到2020財年第四財季(即2020年首季)因為公共衞生事件緣故氣量同比下跌和接駁略遜預期的影響。公司繼SK減持落地之後推出新的期權方案並且行權目標保持不變,該行認為這顯示了管理層對於未來增長的信心。
該行表示,維持中國燃氣盈利預測與目標價30港元,對應2020財年市盈率14.5倍,維持“跑贏行業”評級。

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