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《大行报告》汇丰研究升润燃(01193.HK)评级至「买入」 降港华燃气(01083.HK)至「持有」
阿思达克 02-04 10:05
汇丰研究发表报告指,燃气股将於3月初起陆续发放业绩,预期符合指引预期。盈利受惠强劲的分销量支持,预期覆盖的股份在2020年10月至12月录15-30%的增长,主受惠工业活动增加(中国12月出口增18%)、商业活动复苏、较寒冷的供暖需求。

该行指,在冬天,加上经济活动复苏和供应受限,令液体天然气价升5倍至记录新高,润燃(01193.HK)在去年利润受影响,因其进口占比为10-12%。新奥(02688.HK)虽然进口天然气比例高,但因其有油价相连的合约期权,因此影响有限。而中燃(00384HK)利润仍然可以转嫁成本至终端客户,因此利润仍有升幅。

该行表示,於1月份气体需求持续增长,看好中燃的增长环境,以及其自由现金流。新奥的表现跑赢大市,因市场憧憬派息,但由於是非经常性,故维持「持有」评级。至於润燃虽然去年表现较弱,但因预期商业需求增长,故升评级至「买入」。港华燃气(01083.HK)在气体销售和股价均令人失望,降至「持有」。

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