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大和:降煤氣(0003.HK)目標價至10.5港元 評級“遜於大市”
格隆匯 08-18 12:42

大和發表研究報告指,撇除一次性項目,香港中華煤氣(0003.HK)上半年經常性利潤按年下跌20%至32億港元,佔該行對公司全年盈利預測的57%,業績表現並不理想。大和下調煤氣目標價0.94%,由原來的10.6港元降至10.5港元,評級維持“遜於大市”。

大和表示,由於香港爆發第三輪新冠肺炎疫情,影響7月至8月的煤氣銷售,管理層亦對下半年銷售持悲觀看法,但預計中國公用業務將復甦,各新能源業務亦將為公司的現金流和股息收入提供支持,從而令公司明年亦能繼續每20股送1紅股。

該行指,雖然上半年的煤氣銷量下跌,但税後營運溢利(OPAT)仍錄得增長,預計下半OPAT不會再受關税上升的影響。此外,張家港等項目投產預計將會扭轉新能源業務方面的收益。

該行又指,維持公司評級,需要有待內地疫情會否在冬季再次出現、新能源業務能否抵銷香港業務下半年的跌幅等問題變得更明確。

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