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《大行报告》大和上调中燃(00384.HK)评级至「跑赢大市」 目标价升至29.75元
阿思达克 05-05 11:01
大和发表研究报告上调中国燃气(00384.HK)投资评级,由「持有」升至「跑赢大市」,目标价由28.3元上调至29.75元。报告引述管理层称,近期公司未能并购一大型城市燃气项目,该项目促使中燃在缄默期配股。公司计划动用净筹金额40%作未来城市燃气项目并购,特别是国企混改带来的机遇。中燃目前推进中的并购逾20宗。

报告称,在供暖及液化石油气(LPG)智能微管网业务方面,管理层称,有需要加快启动这些新业务,迎接今年开始的「十四五」规划及明年公司20周年。该行相信,在其他燃气公司已进驻的地区,中燃渗透供暖将面对很大挑战。

大和表示,中燃配股在时机及目的上也是不寻常,自4月22日公布配股以来,股价累跌约14%,该行料大部分负面因素已反映,认为在更频繁并购展望下,公司上行风险大於下行。不过,该行感觉公司未有大型并购正在推进,或令部分投资者失望。该行料公司在6月公布全财年业绩时,将会提供进取的2022至2023财年指引,或增加投资者对其达成股权激励计划下纯利指引目标的可见度。

该行下调其2021财年盈测6%,以反映配股後股权摊薄,但憧憬中燃固有市场供暖及LPG智能微管网将提振纯利。

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