《大行報告》大摩普遍下調燃氣股目標價 降煤氣(00003.HK)評級至「與大市同步」
摩根士丹利發表報告指,中資燃氣股同時面對銷量下跌及單位毛利受壓的問題,由於中國經濟放慢及天然氣價格高企令需求收縮,該行將覆蓋研究的城市燃氣商今年的銷量增長預測降至10%。
大摩又料今年內地平均管道氣的成本每立方米將按年增加0.47元人民幣,高於去年的0.2元人民幣,爲近年最高的成本增加。因歷史上的成本轉嫁不充分或不及時,尤其是於經濟放緩的情況下,估計行業今年的單位毛利會按年下跌每立方米2分至5分人民幣。
大摩普遍下調燃氣股目標價(另見表) ,認爲行業的單位毛利風險未在股價中反映,並將中國燃氣(00384.HK)股份評級由「與大市同步」下調至「減持」,及煤氣(00003.HK)股份評級由「增持」降至「與大市同步」。
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