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《大行報告》匯豐研究升潤燃(01193.HK)評級至「買入」 降港華燃氣(01083.HK)至「持有」
阿思達克 02-04 10:05
匯豐研究發表報告指,燃氣股將於3月初起陸續發放業績,預期符合指引預期。盈利受惠強勁的分銷量支持,預期覆蓋的股份在2020年10月至12月錄15-30%的增長,主受惠工業活動增加(中國12月出口增18%)、商業活動復甦、較寒冷的供暖需求。

該行指,在冬天,加上經濟活動復甦和供應受限,令液體天然氣價升5倍至記錄新高,潤燃(01193.HK)在去年利潤受影響,因其進口佔比為10-12%。新奧(02688.HK)雖然進口天然氣比例高,但因其有油價相連的合約期權,因此影響有限。而中燃(00384HK)利潤仍然可以轉嫁成本至終端客戶,因此利潤仍有升幅。

該行表示,於1月份氣體需求持續增長,看好中燃的增長環境,以及其自由現金流。新奧的表現跑贏大市,因市場憧憬派息,但由於是非經常性,故維持「持有」評級。至於潤燃雖然去年表現較弱,但因預期商業需求增長,故升評級至「買入」。港華燃氣(01083.HK)在氣體銷售和股價均令人失望,降至「持有」。

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