《大行報告》中金降中燃(00384.HK)目標價至30元 上財年業績略遜預期
中金髮表研究報告指,中國燃氣(00384.HK)上財年核心純利升9%至103.2億元,略遜該行及市場預期,主因居民用戶接駁按年跌7%至504.8萬戶,其中LPG微管網業務新接駁戶數僅1萬戶,遠低於前期指引的50萬戶,管理層歸咎於相關政策仍未清晰。
報告稱,中燃從十堰事故中吸取教訓,管理層指整個十堰公司已經步入正常運營。事故調查官方結果尚未公佈,管理層承認十堰公司在管理上存在巡檢維護不利,事故發生後處理不當,缺乏必要信息化手段,管道違建及管網老化等問題;亦反映十堰項目作爲「三供一業」改制企業,中燃從合資方收購後,未充分認識改制企業統一管理的複雜性。管理層亦強調,事件造成的影響有限。
考慮公司LPG微管網業務進展遜預期,該行下調中燃今明兩財年盈測分別13%及10%,下調估值基礎,今財年預測市盈率由16倍降至14倍,目標價削30%至30元,維持「跑贏行業」評級。
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