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《大行报告》大摩:港府禁堂食 对煤气(00003.HK)售气量有负面影响
阿思达克 07-28 10:15
摩根士丹利发表报告指,香港将於明日(29日)开始全日禁止餐厅堂食,相信煤气(00003.HK)在本港的售气量会受到负面影响。

该行表示,煤气香港燃气业务贡献集团30亿元或43%的盈利,而香港的用气需求中有55%为住宅,45%为工商业,年初至今集团在港的燃气需求受压,上半年录按年下降3.9%。单计5月,集团的燃气需求按年下跌6.3%,其中住宅升15.3%,但商业及工业分别下跌28%及27%,预期开始全日禁餐厅堂食後,商业燃气需求跌幅将会大於5月。

大摩估计,香港售气量每下跌1%,煤气的纯利将会削减0.6%,预期集团今年上半年纯利将按年下跌12%至34.37亿元,主因香港及内地燃气需求疲弱,料分别跌3.9%及7%,使两地燃气业务盈利下降。

该行维持煤气股份「与大市同步」评级,目标价12.86元,认为集团目前估值仍然没有吸引力,相当於今年市盈率27.9倍及市账率2.9倍,而今年股息收益率料为3.2%,及可能有5%红股。为了推动股价,大摩相信集团私有化子公司港华燃气(01083.HK)仍是吸引的选项。

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