《大行報告》瑞信上調潤燃(01193.HK)目標價至46元 評級「中性」
瑞信發表報告,指華潤燃氣(01193.HK)上半年淨利潤32.5億元,按年增長36%,略高於預期,主要是由於工業和商業用量增長帶動天然氣銷量強勁復甦。
瑞信指,管理層在業績電話會議上指引,包括下半年的氣量增長將不低於全國平均增長水平,料大於17%;2021財年的新增接駁用戶數量指引不變為320萬個;以及2021財年的併購資本支出由30億元,提高到40億至50億元。
瑞信指,基於更高的銷量增長假設,將2021年至2023財年的每股盈利預測提高2%至5%,目標價由41元上調至46元,但由於現時相當於預測2021財年市盈率17倍的估值過高,維持「中性」評級,在天然氣行業中更偏好中國燃氣(00384.HK)。
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