《大行報告》大和降中燃(00384.HK)目標價至24.9元 2022財年指引遜預期
大和發表研究報告,指中國燃氣(00384.HK)截至3月底止全年度純利105億元,遜該行預期的111億元,並指出撇除集團辦公大廈當期支付款,可持續性自由現金流7.68億元,意味列帳自由現金流仍屆負值。報告稱,中燃宣佈現財年(2022財年)純利增長15%的目標,相當於爭取純利達120億元,認爲並不吸引,低於認股權目標的140億元,及該行原先預測的133億元。2022財年接駁目標500萬戶家庭,意味按年持平,同遜預期。考慮上調2022至2023財年收入預測4%至9%,但下調2022財年每股盈測9%,以反映接駁量預測下調,大和維持予中燃「持有」評級,目標價由29.75元降至24.9元,認爲現時不是吸引的切入點。
報告稱,就湖北十堰燃氣爆炸事故,管理層解釋十堰項目是公司僅有的三供一業項目,區域有許多不合規結構及缺乏監管。即使已安置監測系統,但由於供電中斷亦未能運作。報告認爲,即使中燃的解釋成立,十堰事故屬個別事件,但料公司仍然會面對處分。
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