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《大行報告》大摩:港府禁堂食 對煤氣(00003.HK)售氣量有負面影響
阿思達克 07-28 10:15
摩根士丹利發表報告指,香港將於明日(29日)開始全日禁止餐廳堂食,相信煤氣(00003.HK)在本港的售氣量會受到負面影響。

該行表示,煤氣香港燃氣業務貢獻集團30億元或43%的盈利,而香港的用氣需求中有55%為住宅,45%為工商業,年初至今集團在港的燃氣需求受壓,上半年錄按年下降3.9%。單計5月,集團的燃氣需求按年下跌6.3%,其中住宅升15.3%,但商業及工業分別下跌28%及27%,預期開始全日禁餐廳堂食後,商業燃氣需求跌幅將會大於5月。

大摩估計,香港售氣量每下跌1%,煤氣的純利將會削減0.6%,預期集團今年上半年純利將按年下跌12%至34.37億元,主因香港及內地燃氣需求疲弱,料分別跌3.9%及7%,使兩地燃氣業務盈利下降。

該行維持煤氣股份「與大市同步」評級,目標價12.86元,認為集團目前估值仍然沒有吸引力,相當於今年市盈率27.9倍及市賬率2.9倍,而今年股息收益率料為3.2%,及可能有5%紅股。為了推動股價,大摩相信集團私有化子公司港華燃氣(01083.HK)仍是吸引的選項。

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