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《大行報告》花旗降煤氣(00003.HK)目標價至8元 重申「沽售」
花旗發表報告,重申香港中華煤氣(00003.HK)「沽售」評級,目標價由10.8元降至8元,相當於預測2022年市盈率21.3倍,仍高於其他香港公用事業公司的17.9倍市盈率和境內大型城市燃氣公司的11.7倍市盈率。 花旗指,煤氣作為一家公用事業公司,預測2022年3.9%的股息率並不吸引。在香港公用事業領域,傾向於選擇預測2022年股息率為5.5%的電能實業(00006.HK);在內地天然氣領域,則傾向於選擇利潤基礎多元化的新奧股份(600803.SS)。 另外,花旗認為,煤氣不太可能在今年恢復派發紅股,因為在餐飲業艱難的經營環境下,難以快速提高煤氣費。根據管理層指,境內燃氣業務面臨挑戰,因單位成本增加、燃氣銷售量受內地經濟的影響,以及沿海地區的封鎖措施而減速。 該行估計煤氣今年的經常性利潤增長將不超過5%,取決於封城時間。另考慮到煤氣未來經常性利潤增長下降,該行預計不派發紅股將成為新常態。
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