一文綜合券商於煤氣(00003.HK)公布去年業績後最新觀點及目標價
阿思達克 03-22 10:32
香港中華煤氣(00003.HK)公布去年業遜市場預兼及自2008年以來首度不派送紅股，該股今早股價曾低見9.85元一度挫15.2%，最新報9.96元跌14.3%。花旗發表報告表示，重申煤氣「沽售」投資評級，將目標價由12元降至10.8元，並料煤氣2022年至2024年將不會派送紅股。
煤氣昨收市後公布去年業績，營業額535.64億元按年升30.9%。純利50.17億元按年跌16.5%；每股盈利26.9仙。派每股末期息23仙，連同中期息每股12仙，全年共派股息每股35仙。去年集團主營業務營業稅後溢利為68.21億元，按年下降5.7%。
【不派送紅股 去年盈利遜】
摩根大通發表報告下調煤氣投資評級，由「中性」降至「減持」，將目標價由10.5元降至8.5元，相當於預測今年市盈率21.3倍及股息回報4.2厘。該行調低其今明兩年盈利預測各9%及5%，反映天然氣業務毛利疲弱，相關燃氣銷量及接駁增長較低。對煤氣自2008年以來首次不派送紅股，對此感到意外。該行相信隨著新能源業務發展，煤氣的資本開支維持在較高水平，自由現金流或會較之前弱，限制了提升派息空間。
瑞銀表示，煤氣不派送紅股屬利淡的消息，指煤氣去年全年共派股息每股35仙，屬按年持平，估計市場對煤氣去年業績及派息會反應負面。大和指煤氣去年核心盈利錄62億元按年跌9%大遜預期，並指停送紅股將令市場對其估值承壓，下調評級至「沽售」。
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下表列出5間券商對煤氣投資評級及目標價：
券商│投資評級│目標價(港元)
瑞銀│買入│14.5元
花旗│沽售│12元->10.8元
大和│跑贏大市->沽售│13.5元->9.8元
瑞信│跑輸大市│9.9元->9.1元
摩根大通│中性->減持│10.5元->8.5元
券商│觀點
瑞銀│去年業績表現遜預期，對停派送紅股感失望
花旗│內地及香港業務利潤下降致去年盈利遜預期，停派紅利感失望
大和│內地業務疲弱拖低利潤，對停派送紅股感失望
瑞信│內地業務弱拖，對停派發紅股感意外
摩根大通│煤氣十年來首次首度股息無增長
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