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交銀國際:維持崑崙能源(0135.HK)買入評級 目標價降至8.3港元

交銀國際報吿稱,崑崙能源(0135.HK)去年核心利潤51億元人民幣,按年增長43.6%,略高於該行預期。除了勘探與生產業務扭虧外,天然氣銷售及液化天然氣業務税前利潤分別增長14.6%及36.5%,亦為主要帶動盈利的因素。

報吿認為,在去年的高基數上,集團仍有能力將零售天然氣銷售實現約15%的按年增長。由於國內管道天然氣成本有望在淡季增長,保守估計售氣毛差將小幅下降至每立方米0.47元人民幣。

在微調營運預測後,該行下調對其2022及2023年淨利潤預測3%及5%。根據分部加總估值法,將目標價由8.65港元下調至8.3港元。該股股價3月份大跌30%後,應已消化投資者對國內天然氣需求可能放緩和售氣毛差壓力的擔憂;維持“買入”評級。

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