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《大行報告》匯豐研究下調煤氣(00003.HK)目標價至10.8元 評級「持有」
匯豐研究發表報告指,香港中華煤氣(00003.HK)去年核心業績未達預期,而成本轉嫁滯後。全年共派股息每股35仙,按年持平,但由於資本支出和宏觀不確定性,送紅股自2010年以來首次被取消。該行認爲資本市場可能會對此感到失望,維持「持有」評級,目標價由12.6元削減至10.8元,更看好其子公司港華智慧能源(01083.HK)。 匯豐研究指,紅股一直是支持煤氣股份的關鍵因素,尤其是當約80%的自由流通股由尋求可持續現金回報的非機構投資者組成。雖然其欣賞煤氣在綠色轉型方面作出的努力,以及在新能源領域的增長潛力,但該股估值較同行相比具溢價,相當於預測2022年市盈率31倍,同行則介乎4至13倍;亦相當於預測2022年市賬率3.2倍,同行則介乎0.3至2.4倍。 報告指出,今年對煤氣而言是謹慎的一年,香港燃氣業務正面臨成本上升帶來的商業需求萎縮,料煤氣費將在7月或8月加價,但出於社會責任的考慮,管理層不確定何時可以或是否應該執行。 內地業務方面,報告指,煤氣的目標是今年將燃氣銷售每立方米毛利維持在0.48元人民幣,去年爲0.59元人民幣,原因是成本控制及「追落後」將成本轉嫁到終端用戶。
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