《大行報告》大和降中燃(00384.HK)評級至「持有」 目標價12元
大和發表研究報告指,中國燃氣(00384.HK)2022財年純利按年跌33%,管理層目標2023財年每立方米毛利可達到0.5元人民幣。市場或認爲該增長指引較低,但該行預期增長目標符合今年對城市燃氣營運商成本轉嫁的政策支持。公司2023財年零售及城市燃氣銷量增長指引爲10%至13%,符合預期。
大和表示,雖然利潤指引符合,但公司對來年天然氣銷售及新增接駁量增長指引均較疲弱,加上2022財年盈利、自由現金流及應收賬款情況都較預期差,因此將評級由「跑贏大市」降至「持有」,維持目標價12元。計及液化天然氣(LNG)價格上升,將2023至2024財年每股盈測下調10%至12%。
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