《大行报告》大和升昆仑能源(00135.HK)目标价至6.8元 料陕京线管道估值透明度转佳
大和发表研究报告,重申昆仑能源(00135.HK)「买入」投资评级,目标价由原来的5.7元上调至6.8元,认为公司分拆其渝济管道予中国国家管网公司是正面的催化剂,而陕京线管道亦将转移到中国国家管网公司,这令管道的估值有更佳的可见度。
监於陕京线管道在2013年以189亿元人民币的总对价注入昆仑能源,估计公司将需要以41%溢价出售管道,以避免处置损失。由於陕京线管道在2019年的资产回报率为7.7%,较渝济管道的5.8%为高,预计公司分拆陕京线管道的市帐率会高於1.43倍,意味分拆管道的价值料将为256亿元人民币。
该行估计,公司将因此套现270亿元人民币,除了会利用这笔资金来扩大其下游城市燃气业务外,认为还可能会派发特别息。
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