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《大行報告》大摩看好價值吸引燃氣股 首選昆侖(00135.HK)、港華燃氣(01083.HK)及煤氣(00003.HK)
摩根士丹利發表報告,預期中資燃氣股今年上半年的盈利增長強勁,但需要留意天然氣成本上升、需求增長及冬季天然氣供應毛利率可能帶來的負面影響。 該行表示,預料昆侖(00135.HK)上半年盈利增長最大,估計達58%,主要是受到穩健的天然氣復甦及油價/液化天然氣價上升推動。至於港華燃氣(01083.HK)及華潤燃氣(01193.HK)的盈利增長預期分別為35%及34%,主因天然氣銷量、接駁量及匯率強勁,不過被毛利率下降所抵銷。另外,煤氣(00003.HK)及新奧能源(02688.HK)的利潤增長料為22%及18%。 該行補充,看好價值吸引的燃氣股,行業首選昆侖能源、港華燃氣及煤氣。其中昆侖及港華股價已分別上升44%及41%,但仍僅相當於今年市盈率10倍及8倍,對比同業平均為17倍,該行預期穩固的盈利增長將助兩股估值進一步重新評級。該行則喜好煤氣之生物燃料的盈利表現及天然氣業務復甦。 摩根士丹利將昆侖能源股份目標價由6.9元升至8.5元,維持「增持」評級;華潤燃氣(01193.HK)目標價則由45元升至55元,評級維持「增持」;新奧能源目標價由100元升至148元,不過評級由「與大市同步」降至「減持」。
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