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濱海投資(02886.HK):2020年中期業績超出預期,維持“買入“評級,目標價1.93港元
格隆匯 08-21 14:32

機構:國泰君安

評級:買入

目標價:1.93港元

評級:

由於更低的天然氣採購成本以及回收了部分壞賬,公司 2020 年中期業績超出我們的預期。

公司收入同比增長 3.1%至 18.3 億港元,但股東淨利同比暴漲 115.8%至 1.439 億港元。

維持天然氣銷量假設不變。公司預計 2020 年的天然氣銷量將增長 17.0%左右至 11.7 億立方米且輸氣量將增長 8.9%左右至 9.956 億立方米。新冠病毒疫情的影響有限,公司管理層重申銷氣目標不變。

上調公司銷氣價差假設。公司銷氣價差在 2020 年上半年顯著改善,且預計在下半年保持穩定。我們預計天然氣的供應狀況在 2020 年下半年將保持穩定,公司天然氣的採購成本預計將穩定。

維持接駁業務假設不變。公司預計 2020 年新接駁客户將增長 10%左右。

維持公司目標價在 1.93 港元,維持“買入”評級。

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