花旗:予潤燃(1193.HK)目標價47.5港元 評級“買入”
花旗發表研究報告指,華潤燃氣(1193.HK)在去年底淨持現金的情況下,仍以折讓價配售股份,在配股後,潤燃的流通股比例將從23.29%上升至26.28%,而港交所通常要求的比例是25%,主要是為保持足夠的流通股比例及為未來收購籌集資金;考慮中國復工背景下天然氣終端銷量上升,對公司前景仍樂觀,予目標價47.5港元及“買入”評級。
由於城市區位更好及居民用户更多,華潤燃氣的天然氣零售銷量近期加速改善,且按年漲幅高於全國平均水平,公司今年第一季度天然氣零售銷售的毛利潤率也有所提升。
隨着油價低迷,中國天然氣基站價格在5-6月仍有下行空間,預計華潤燃氣會把大多數降價傳導至終端用户,零售價格降低將提高競爭力,有助於銷量成長。

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