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大和:上調華潤燃氣(1193.HK)目標價至41港元 料上調派息比率
格隆匯 01-04 12:29

大和發表研究報吿指,隨着內地十四五規劃出台,天然氣的使用量將會持續增長,預期華潤燃氣(1193.HK)於2019-2022的天然氣銷量年複合增長率達12%,主要受惠疫情後天然氣需求回覆,以及受到注入寧波及太原合資公司增長所帶動,該行將華潤燃氣目標價由40港元,上調至41港元,惟評級由優於大市降至持有。

大和表示,隨著具盈利能力的城市燃氣項目可供併購的機會漸漸減少,料公司將會提升其派息比率,其長遠目標為50%,最終或成為類似香港中華煤氣的公司。

大和預期,受疫情影響,公司2020年全年表現疲弱,料2020年經常性淨利潤按年跌3%,但認為其全年銷售將高於公司原有預測的按年升幅0-3%。

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