星展:維持中國燃氣(0384.HK)為行業首選 升目標價至39港元
星展發表研究報吿表示,中國燃氣(0384.HK)致力於讓自由現金流轉正,料農村地區煤改氣業務的收費將會上升,亦會把業務發展重點由煤改氣轉至發展液化石油氣智能微管網項目,以持續改善今年及未來的自由現金流,有助成為重估公司股份的催化劑,上調目標價至39港元,重申買入評級,維持中國燃氣為行業首選股份。
該行表示,液化石油氣智能微管網業務將成公司另一個重要增長動力,相信智能微管網將成政府推動潔淨能源的其中一項政策,預料中國經濟在疫情後的經濟復甦,將會增加天然氣在工業用及商用客户的銷量,料天然氣銷量增長近20%,價差維持穩定,或有上行空間。
該行指,微調2021-22財年的盈利預測,以反映更多的液化石油氣智能微管網營運項目上馬,及油價高企有利其液化石油氣業務,相信現時投資者低估公司維持正現金流的能力,公司的新氫能及液化石油氣智能微管網營運項目,有助迎合中國的碳中和政策。

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