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《大行報告》摩通降煤氣(00003.HK)評級至「減持」 盈利遜及2008年以來首次不送紅股
摩根大通發表報告下調煤氣(00003.HK)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釐。 該行表示,調低煤氣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。該行指,煤氣自2008年以來首次不派送紅股,對此感到意外。相信隨着新能源業務發展,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。 摩通表示,煤氣去年純利按年跌16%,較預期差,相信是由於一次性項目(稅後經營利潤僅跌6%);派息爲逾十年以來首次無增長,雖然公司管理層指今年派息維持穩定,但該行料未來派息僅會單位數字增長,並認爲投資者會喜愛較高息或盈利/派息政策更穩定的股份,該行指在燃氣股中喜愛新奧能源(02688.HK)及華潤燃氣(01193.HK)。
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