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《大行报告》高盛料售气成本上升对分销商利润影响可控 上调新奥、中燃及润燃目标价 降昆能目标价
阿思达克 01-28 10:07
高盛发表研究报告,指在冬季,内地燃气股有两项主要议题,分别是分销商售气成本上升对利润率影响,以及昆仑能源(00135.HK)倘完成出售北京管道及大连液化天然气(LNG)资产,对其估值潜在风险回报的影响。

该行指出,据其分析目前售气成本上升对盈利的下行风险仍可控,燃气需求强劲增长、冬季合约溢价下降及增加LNG进口带来纾缓。另该行留意到,倘推进出售资产,昆仑能源的股本回报率潜在下跌,估值相当於预测市帐率0.7至0.8倍。

高盛更新所覆盖行业股份每股盈测,以反映今年毛利率预测轻微下调、气体销量增加预期;重申对新奥能源(02688.HK)和中国燃气(00384.HK)予「买入」评级,新奥目标价由129元升至140元;中燃目标价由34元升至35元。

该行维持予昆仑能源「中性」评级,因估值基础下调,目标价由6.7元降至6元,以反映市场对其近期战略行动对盈利能力带来不确定性的忧虑。该行注意到公司增加对销气的关注及减少关注管道经营或削弱股本回报,除非昆仑采取其他增进股本回报的策略。

高盛另维持华润燃气(01193.HK)「中性」评级,目标价则由41元升至43元。

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