《大行報告》大和下調煤氣(00003.HK)評級至「沽售」 降目標價至9.8元
大和發表報告表示,煤氣(00003.HK)業績大幅差過預期,取消派紅股是另一差過預期因素,將其評級由「跑贏大市」降至「沽售」,下調2022-2023年每股盈利預測26%。目標價由13.5元降至9.8元。
大和表示,由於內地業務疲軟,煤氣公司2021年利潤未達預期。煤氣公司表示,取消派紅股是由於內地和香港在減排倡議下的投資機會不斷增加,以及中國的疫情反彈和國際時間不確定性。
大和認為,從煤氣的評論來看,認為不派紅股可能成為新常態,煤氣預測未來三年派息200億元,但建議投資者不要將其視為保證,除非煤氣公司成功上調香港煤氣價格,預計這種疲軟的股息能見度將對其約30倍市盈率產生重大影響,因為該市盈率主要建立在持續增長的股息之上。
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