《大行報告》花旗:潤燃(01193.HK)配股可回復公眾持股量 料潛在受惠天然氣降價
花旗發表報告指,華潤燃氣((01193.HK)先舊後新配售9,000萬股,每股配售價40.81元,較收市價折讓7.1%。該行認為,雖然集團於去年底屬淨現金企業,但是次配股可助公眾持股量提升3個百分點至26.28%,以符合聯交所要求的最少25%公眾持股量,而且配股所得的36.7億元,亦可為今年下半年及明年收購寧波和太原城市天然氣分銷項目作融資。
該行維持對華潤燃氣的正面看法,預期集團未來的零售天然氣銷量增長可進一步提速,而今年3月及4月的銷售按年分別增長5%及10%,主要推動力為中國進一步復工。
花旗表示,維持華潤燃氣「買入」投資評級,目標價47.5元。受惠於單位燃氣成本降低,該行預期集團今年首季的零售銷氣毛利率可按年擴張1至2個百分點。另外,由於油價下跌,該行料內地5月及6月的天然氣門站氣價有下調空間,雖然預計潤燃將透過降低零售氣價,將大部分降價轉移至用戶,但因零售氣價更具競爭力,因此有助增加銷量。
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