《大行報告》美銀證券上調中燃(00384.HK)目標價至19.2元 評級「跑輸大市」
美銀證券發表報告指,中國燃氣(00384.HK)於2021財年中期的持續每股盈利按年上升5.5%,低於市場預期的7%,主要由於零售銷氣量增長10.5%,符合預期,且集團維持全財年銷氣量增長15%的指引;天然氣單位毛利每立方米按年上升3分人民幣,至每立方米65分人民幣,高於該行預測,主因進口液化天然氣價格下跌,但該行估計平均銷售價格及單位毛利,將因直接銷氣競爭政策而下跌。
該行上調中燃股份目標價,由18.8元升至19.2元,評級維持「跑輸大市」,並調升集團2021及2022財年每股盈利預測分別3%及2%。美銀預期,中燃鄉村煤改氣及液化石油氣的資本開支上升,將導致整體資本開支增加,及天然氣單位毛利和燃氣接駁業務因競爭而出現下跌。
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