大和:升崑崙能源(0135.HK)目標價至6.8港元 料有望出售天然氣管道
大和發表研究報告指,中石化冠德(0934.HK)宣佈,以1.43倍市盈率的作價,向國家油氣管網公司出售天然氣管道“榆林-濟南管道”(YJ管道),認為對崑崙能源(0135.HK)有積極的催化作用,因為其“陝西-北京管道”(SJ管道)亦有機會轉移予國家油氣管網公司。該行重申崑崙能源買入評級,目標價由原來的5.7港元升至6.8港元。
大和表示,估計崑崙能源將需要以41%的溢價去處置SJ管道,以避免損失。而SJ管道2019年的資產收益率為7.7%,高於YJ管道的5.8%,預計分拆崑崙能源SJ管道的市盈率甚至高於1.43倍。假設以1.43倍市盈率出售SJ管道,剝離後的管道價值將達356億元人民幣,而崑崙能源最終將能獲得270億港元的淨現金。
該行認為,除了利用獲得的現金去擴大下游城市燃氣業務,崑崙能源亦可派發特別息。在母公司中石油的支持下,預計公司下半年將保持強勁的增長趨勢,今年收入預料將按年增長16%,其他業務亦具彈性。

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