大和:上調中國燃氣(0384.HK)目標價至29.75港元 評級“優於大市”
大和發表研究報吿指,中國燃氣(0384.HK)管理層強調,最近未能收購一個大型城市燃氣項目,令集團需進行配股。大和上調中國燃氣目標價5.12%,由原來的28.3港元升至29.75港元,評級亦由“持有”提高至“優於大市”。
大和表示,公司計劃將所得款項40%用於未來收購中國的城市燃氣項目,公司目前已擁有20多項併購交易,並有25%用於擴張液化石油氣的智能微管網業務及發展分佈式供熱業務,管理層強調今年需加快這些新業務的建立。不過,大和認為中國燃氣很難在其他公司擁有特許權的其他城市發展分佈式供熱業務。
該行認為,自4月22日宣佈消息以來,公司股價調整幅度逾14%,認為大部分負面因素都已消化了,因此公司股價上升空間大於下行空間。該行相信併購交易將更頻繁,並將成為近期股價的催化劑。不過,公司不太可能進行大型的併購,或會令部分投資者感失望。
該行預期,管理層將在6月份的2021財年業務發佈會上,公佈2022至2023年的併購計劃指導,將令投資者對2022年實現純利140億元,2023年純利150億元的目標具能見度。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.