《大行報告》大摩相信中燃(00384.HK)股價15日內下跌 評級「減持」
摩根士丹利發表研究報告,指相信中燃(00384.HK)的股價將會在未來15天下跌,出現的機會率約80%以上。
該行指,這是因為公司公布盈利表現。雖然2020財年的盈利符合該行預期,但盈利質素低。盈利主要是受連接費用所帶動,連接費用的毛利率擴大8.2%,而同業則有所下跌。公司的增值服務盈利錄急劇下跌,營運現金流按年下跌35%,而同業則錄強勁增長。
另外,中燃是該行所覆蓋的企業中,唯一一間錄負現金流的企業。管理層亦將所有2021財年的主要指引下調。
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