《大行報告》麥格理首予煤氣(00003.HK)「跑輸大市」評級 目標價10.4元
麥格理發表報告,首次覆蓋研究中華煤氣(00003.HK),予其「跑輸大市」評級,目標價10.4元,指其目前估值達預測企業價值對EBITDA的19倍,認為其高估值溢價並不可持續。
該行表示,由於煤氣盈利表現疲弱及削減去年紅股分派,QPA 煤氣股價在去年7月至今年5月期間下跌了25%,但預期集團股份將會有進一步估值重評,主因基本面展望疲弱;需面對數個挑戰。
麥格理預期,煤氣今年上半年及全年的盈利表現將較市場預期為差,上半年利潤料按年下跌9%,全年則料跌1%。另外,該行預計集團的基本面前景亦較同業疲弱,於去年至2022年的持續盈利年均複合增長率料為6%,較同業的9%至15%為低,而其今年的持續股本回報率則料為11%,也低於同業19%至24%。
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