《大行報告》大和升中國燃氣(00384.HK)評級至「跑贏大市」 目標價上調至29.5元
大和發表報告指,由於新型肺炎疫情在今年首季爆發,以致天然氣銷量、銷氣單位毛利、新住宅接駁及增值服務受影響,預期中國燃氣(00384.HK)截至今年3月底止2020財年全年的經常性利潤增長或疲弱,按年料僅上升12%,對比財年中期為按年上升25%。
不過,該行相信投資者或反而注意集團在2021財年的潛在盈利復甦,主要由於內地工業活動重啟,以及中石油集團提供的天然氣增量的門站成本較低。
基於中國在今年4月開始由疫情中回復,4月及5月的天然氣銷量按年有9%至10%的提升,及集團在今年第三季開始的天然氣成本可下降。大和上調集團2021-22年每股盈測4%,反映天然氣銷量及每單位看利上升,評級由「持有」升至「跑贏大市」,目標價由27元上調至29.5元,並預期集團2021財年開始的經常性利潤可按年增長15%。
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