《大行報告》瑞銀下調中燃(00384.HK)目標價至40元 評級「買入」
瑞銀發表研究報告指,中國燃氣(00384.HK)今年3月底止全年純利按年增長14%,大致符合市場及該行預期,盈利增長主要受家用燃氣銷量增長、利潤水平輕微提升及新增值服務業務所帶動,惟有部分被接駁業務所拖累。
該行指出,公司管理層考慮到周轉天數較長,有計劃削減鄉鎮接駁目標。由於短期內新增接駁量呈現較緩慢的增長步伐,瑞銀將盈利預測相應下調6%至9%,但維持對公司整體正面看法,對於2023財年可實現150億元盈利有信心。
瑞銀指出,中燃正在按照指引實現其業務轉型,經營現金流增長至80億,增速高於經營利潤的4%,期內自由現金流轉正,收入分佈上亦有所調整,對其維持「買入」評級,根據資本回報率13.8%,目標價由42.5元下調至40元。
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