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大行評級 | 大摩:中國燃氣(0384.HK)增持智慧家居服務公司股權 予大市同步
格隆匯 03-14 14:15

格隆匯3月14日丨大摩發研報指,中國燃氣(0384.HK)宣佈,將以30億港元向主席劉明輝及執行總裁黃勇收購一家智慧家居服務公司20%股權。而這並不是2021年4月集團股權募集資金的預期用途之一。該行予集團目標價13港元,予“大市同步”評級。

中國燃氣表示,其目標是在2022財年3月將該智慧家居服務公司的利潤增長至5億港元,並在22023財年3月將利潤增長至12億港元。儘管過去幾個月中國消費放緩和電子商務股票估值下降,但預期增長率將遠超去年增長。大摩認為,中國燃氣在向其燃氣用户營銷燃氣相關產品方面具有優勢,但銷售消費品使其與眾多成熟的電子商務公司展開激烈競爭。該行估計,是次收購的利潤率為3.5%,收入率為2.5%,對價率為4.5%。由於待售股權為20%,因此所有比率均不超過5%。根據港交所上市規則,將被歸類為股份交易,故無需股東投票。

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