《大行报告》大和降华润燃气(01193.HK)评级至「持有」 目标价则升至41元
大和发表报告,降华润燃气(01193.HK)投资评级,由「跑赢大市」降至「持有」,并微调2020至2021年每股盈测,以现金流折现率计,目标价则由40元升至41元。该行称,润燃属去年大型城市燃气分销商中表现最差,截至去年12月29日,润燃全年累跌4%,同期新奥能源(02688.HK)及中燃(00384.HK)分别升30%及2%,主因润燃上半年业绩乏善可陈。该行预期润燃今年将强劲反弹,在新冠疫情带来的低基数下,料纯利接年升25%。
即使去年下半年稳固反弹,该行料润燃2020年经常性纯利按年跌3%,去年上半年纯利跌18%属主要拖累。不过,大和料润燃去年销气增长,比保守指引0%至3%更高。
大和称,在资产注入,以及疫情後燃气需求复苏支持下,料2019至2022年间润燃销气量年均复合增长达12%。随着可供收购的城市供气项目日渐枯竭下,润燃将逐渐增加其分派比率,迈向50%的长远目标,最终成为类似香港中华煤气(00003.HK)的股息增长股。
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