《大行報告》摩通恢復予崑崙能源(00135.HK)「增持」評級 目標價9.5元
摩根大通發表研究報告指出,於天然氣公用行業中,首選新奧能源(02688.HK)及崑崙能源(00135.HK),認爲崑崙能源在積極併購城市燃氣項目的情況下,可推動天然氣銷量強勁增長,公司於2017至2020財年的天然氣產量複合年增長率爲24%,較同行的約15%爲高,反映其強勁併購能力帶來成果。
該行指出,值得留意的是崑崙能源於2019財年以來已收購超過120個城市燃氣項目,當中約50%的增量天然氣銷量來自新收購項目,摩通預期公司2022及2023財年預測銷量增長約17%,高過同業。
另外,摩通認爲崑崙能源的淨現金狀況及母企中石油雄心拓展下遊業務的情況下,公司的收購潮或會持續,而公司盈利質量持續改善,加上逐步退出上遊業務,應獲估值重評,恢復對其「增持」評級,目標價9.5元 。
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