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《大行報告》大和上調中燃(00384.HK)評級至「跑贏大市」 目標價升至29.75元
阿思達克 05-05 11:01
大和發表研究報告上調中國燃氣(00384.HK)投資評級,由「持有」升至「跑贏大市」,目標價由28.3元上調至29.75元。報告引述管理層稱,近期公司未能併購一大型城市燃氣項目,該項目促使中燃在緘默期配股。公司計劃動用淨籌金額40%作未來城市燃氣項目併購,特別是國企混改帶來的機遇。中燃目前推進中的併購逾20宗。

報告稱,在供暖及液化石油氣(LPG)智能微管網業務方面,管理層稱,有需要加快啟動這些新業務,迎接今年開始的「十四五」規劃及明年公司20周年。該行相信,在其他燃氣公司已進駐的地區,中燃滲透供暖將面對很大挑戰。

大和表示,中燃配股在時機及目的上也是不尋常,自4月22日公布配股以來,股價累跌約14%,該行料大部分負面因素已反映,認為在更頻繁併購展望下,公司上行風險大於下行。不過,該行感覺公司未有大型併購正在推進,或令部分投資者失望。該行料公司在6月公布全財年業績時,將會提供進取的2022至2023財年指引,或增加投資者對其達成股權激勵計劃下純利指引目標的可見度。

該行下調其2021財年盈測6%,以反映配股後股權攤薄,但憧憬中燃固有市場供暖及LPG智能微管網將提振純利。

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