花旗:上調天倫燃氣(1600.HK)目標價至10港元 評級買入
花旗研報指,將天倫燃氣(1600.HK)目標價由9港元上調至10港元,評級買入。主要由於,預計公司11月份零售天然氣銷量同比增長超30%,高於同行;增值業務和輕資產農村分佈式光伏項目帶來更大的增長潛力;估值具有吸引力。同時,公司近期宣佈的三年零售天然氣銷售目標(2022-24E年複合年增長率為25%)以及股票回購證明了其管理層對公司業務前景充滿信心。
花旗提到,預計天倫燃氣11月零售天然氣銷量同比增長應超過同行(2021E平均增長率預計為18.6%),包括新奧能源(同比增長20%)、華潤燃氣、港華燃氣和中國燃氣(同比增長15%)。
花旗表示,公司旨在實現2022-2024E年零售天然氣銷售量的年複合增長率不低於25%的目標,主要由內生性增長和併購驅動。該公司在併購目標上具有選擇性,注重項目質量,優先考慮天然氣銷售利潤高、工商業用户比例高的項目。
此外,天倫燃氣與國家電投集團河南電力有限公司簽訂戰略合作協議,雙方將利用天倫燃氣現有客户資源,共同開發光伏項目。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.