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瑞銀:維持中國燃氣(0384.HK)“買入”評級 目標價42.5港元
格隆匯 05-04 16:42

中國燃氣(0384.HK)早前以先舊後新方式配售3.92億股股份,集資最多120億元。瑞銀髮表研究報吿指,維持對公司樂觀的看法,並相信股價仍未反映相關因素,包括城市燃氣項目有很多併購機會、分佈式供熱和液化石油氣智能微電網業務等新業務回報強勁,以及新員工激勵計劃等,故維持其“買入”評級,目標價為42.5港元。

瑞銀表示,管理層計劃將集資所得的40%用於收購城市燃氣項目,相信在國有企業改革要求下,地方政府及國企均需提商運營效益,從而令併購機會大增,如公司上週以4.8億元人民幣城市管道天然氣業務49%股權。

該行又指,就分佈式供熱業務,管理層目標在每年接駁2000萬至3000萬平方米下,長遠在珠江三角洲的接駁量可達3至4億平方米,並料內部收益率較高是城市燃氣項目。至於液化石油氣智能微電網業務,潛在需求達9000萬個家庭,公司在未來10年將達到3000萬個家庭,而每户家庭的接駁費約為3000元人民幣。

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