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《大行報告》瑞信上調煤氣(00003.HK)目標價至9.9元 評級「跑輸大市」
阿思達克 08-23 10:08
瑞信發表的研究報告指,香港中華煤氣(00003.HK)上半年核心淨利42.6億元,按年升21%,大致符市場預期,主要受惠內地經營溢利反彈強勁,加上新能源方面增長加快,公司宣派每股中期息12港仙不變。 按分部劃分,香港燃氣銷量跌2.8%,而經營溢利則跌1%,主要因為成本管控見效,而內地城市燃氣量銷售則強勁復甦28%,主要因為去年同期基數較低,而每單位利潤則跌至每立方米計55分人民幣。管理層的指引包括是全年城市燃氣量銷售將按年升逾兩成,而單位利潤維持大致平穩,期望在智能能源業務可錄雙位數增長,同時公司期望在2024年將生物質業務分拆上市等。 該行將公司2021至2023年每股盈測升1%至2%,以反映內地銷氣量增長略加快,目標價由9.62元升至9.9元,評級維持「跑輸大市」,在本地公用股中該行傾向選擇長江基建(01038.HK)及電能實業(00006.HK),認為後兩者股息率較高。
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