《大行報告》摩通下調中燃氣(00384.HK)目標價至18元 評級「中性」
摩根大通發表報告指,中國燃氣(00384.HK)2022財年中期業績表現遜預期,純利下跌約20%至41億元人民幣,主要由於新居民用戶接駁按年大跌40%,及業務板塊的經營毛利下跌。至於自由現金流表現亦令人失望,錄負30億元人民幣,主因農村應收賬的收取較預期低,有超過100億元人民幣的應收賬仍未收回。
該行預期,集團2022至2024財年的盈利增長將放慢至每年10%至13%,主因其縮減農村接駁,而新業務如液化石油氣微管網及城市供暖仍然不明朗。
摩通將中燃氣2022至2023財年每股盈利預測下調約30%,目標價相應由27元降至18元,評級維持「中性」。
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