《大行報告》大和降昆侖能源(00135.HK)評級至「跑贏大市」 目標價升至9.5元
大和發表研究報告,下調昆侖能源(00135.HK)投資評級,由「買入」降至「跑贏大市」,目標價則由9.4元升至9.5元。該行稱,昆能去年經常性純利按年跌5%,宣派特別息每股2.1366元人民幣,消除了市場對昆能押後派息至今年上年半甚至今年全年業績的疑慮。
在分析員會議上,大和稱,昆能確認7月前派發特別息,分拆按原先公告在今年3月底前完成。大和引述管理層稱,昆能今年目標零售氣量增15%,相信在併購帶動下20%按年增長可期;假設沒有併購,今年天然氣銷售資本開支料59億元人民幣。該行對其售氣指引正面,但認為城市供氣板塊非內生增長缺乏可見度。
大和表示,管理層重申發展新能源計劃,但相較同業煤氣(00003.HK)及新奧(02688.HK)的詳細計劃,其表述相對簡略。另昆能提出對表現跑輸的勘探與生產,以及天然氣加工業務的退出策略,該行認為屬正面,可釋放其綜合企業折讓。該行上調其今明兩年每股盈測介乎3.2%至4.2%,以反映今年銷氣量增長。
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