《大行报告》大和上调港华燃气(01083.HK)评级至「买入」 目标价升至5元
大和发表研究报告,上调港华燃气(01083.HK)投资评级,由「跑赢大市」升至「买入」,以现金流折现率计,目标价由4元升至5元。报告称,其本年至今股价累升约13%,估值仍仅相当於今年预测市盈率7.4倍,及预测市帐率0.7倍,较同业吸引。公司今年将回购股份以展开股权激励计划,进一步确认该行看法,其母企煤气(00003.HK)正计划在港华燃气与上海燃气互相持股的基础下,改善港华燃气估值,而不是私有化後者。
报告称,上海燃气与辽宁合营都是港华燃气增长引擎。大和引述管理层料上海燃气今年销气量及盈利各录双位数增长,并料上海燃气液化天然气(LNG)基建在2023年可贡献2亿元人民币购气成本减省,相当於港华燃气纯利7%。大和上调港华燃气明年每股盈测4%,以反映来自上海燃气强劲盈利贡献。
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