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《大行報告》瑞信下調中燃(00384.HK)目標價至15元 評級「跑贏大市」
阿思達克 04-06 13:58
瑞信發表研究報告指出,內地幾個地方城市如湖南最近發佈天然氣價格指導,大部分建議在冬季旺季後,於淡季(今年4月至10月)不會削減價格/成本,該行相信會帶來負面影響,因市場原先預期於冬季後,天然氣成本將回落10%至15%。 該行認爲,天然氣成本高過預期,可能影響城市燃氣分銷商的單位毛利及銷量增長。如果天然氣冬季定價(與基準相比平均升約35%)持續至4月至10月,料去年下半年創新高的行業平均天然氣售價,或於今年上半年進一步增加。 瑞信預期,中燃(00384.HK)於今年3月底止的2022財年純利或按年跌23%至80億元,估計2023至2024財年純利增長將有所恢復。該行對中燃於2022至2024財年的每股盈利預測下調7%至16%,目標價由26元降至15元,基於中燃估值價格較同業有較大折讓,在燃氣股中,該行較看好中燃,維持「跑贏大市」評級。
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