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《大行報告》花旗下調中燃(00384.HK)目標價至14.5元 評級「買入」
花旗發表研究報告指,由於家用天然氣新接駁量減少,中燃(00384.HK)2022財年純利表現較該行及市場預期低3%至6%,相應將2023至2024財年盈利預測分別下調7%及3%。 該行表示,中燃管理層現時制定了更保守的增長指引,目標2023財年零售天然氣銷售增長10%至13%,新建住宅接駁量達到260萬至290萬等,相信目標很大程度上可以實現。 由於兩項一次性項目的資本支出超出預期,公司2022財年未能實現正數的自由現金流目標,由於管理層目標將明年的資本支出削減至90億至100億元,預期明年自由現金流將溫和轉正,給予「買入」評級,目標價由15元降至14.5元。
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