郭思治: 港華燃氣(01083.HK)估值受惠新能源概念 宜整固後分段部署
香港股票分析師協會副主席郭思治稱,港華燃氣(01083.HK)今年上半年燃氣銷售量較去年同期上升32%至72.61億立方米,股東應佔稅後溢利上升34%至7.78億港元。在燃氣業務的基礎上,集團開始進軍智慧能源業務,近期集團向母公司煤氣(00003.HK)收購內地31家智慧能源公司,總代價爲5.09億元人民幣(約港幣3.13億元),涉及業務涵蓋在中國從事光伏、節能、充電及零碳等,完成收購後,集團將成爲中華煤氣在中國智慧能源業務的旗艦,估計相關業務該可受惠於國家的「30、60」雙碳目標,另外,集團亦將加快推出分佈式太陽能光伏項目,港華燃氣亦將改爲「港華智慧能源有限公司」。
港華燃氣及其母公司煤氣,在內地多個省市擁有龐大和穩定的城市燃氣業務,服務超過4,000萬客戶。此次轉型後的長遠願景,是致力在綜合解決方案、數碼化和去碳化三大核心基礎上,建立一個綜合和可持續的智慧能源業務,確保公司能夠長期增長。
另外,公司今年亦宣佈將推出股權激勵計劃,涉及2%股權可獎勵予高級行政人員,當中的指標包括銷售於2021至25年年複合增長等。有關計劃正有序進行當中,並見公司於11月底發表自願性公告,披露已購入至股份數目。
以往績計,港華燃氣目前之市盈率僅12.3倍,息率約爲2.5釐,論估值該不算高,惟由於月來股價已上升不少,高臺或有技術回吐,故可待適量回調及整固後分段作中線部署,以新能源概念計,估值該可提升,假若以15倍市盈率計,股價以可上望7.35元,如再以18倍市盈率計,則目標價更可上望8.9元。
(筆者爲證監會持牌人)~
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