《大行報告》摩通升潤燃(01193.HK)評級至「增持」 目標價40元
摩根大通發表研究報告,指相信華潤燃氣(01193.HK)去年業績勝預期,以及管理層指引優於預期,料可以觸發估值重評,評級由「中性」升至「增持」,並上調今明兩年盈測分別3%及7%,目標價維持40元。該行稱,去年潤燃派息比率由40%上調至45%,純利升24%,但每股分派增幅達37%屬驚喜,料直至2025年潤燃可維持每股分派年均複合增長達10%,以現估值計,股息率達5%屬吸引。
該行稱,即使在「十四五」期間,假設潤燃新接駁量倒退20%及單位毛利沒改善,相信強勁銷氣量增長可帶動每股盈利及每股分派達高單位數增長。公司現估值僅未來一年預測市盈率不足9倍屬歷史低位,屬吸引,並料次季起的銷氣復甦可以爲催化劑。
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