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《大行報告》大摩:中燃(00384.HK)業績遜預期 評級「減持」
阿思達克 06-28 12:01
摩根士丹利發表評級報告指,中燃(00384.HK)2022財年業績表現大部分未能達到目標,包括新渠道連接、液化石油氣銷售,增值服務利潤增長及天然氣每單位毛差;但在其他收入、其他損益和外匯的推動下,其經常性盈利為80億元。 該行表示,中燃未能達致300萬戶的渠道連接指引,僅實現294萬戶家庭,但公司下調明年渠道連接指引為260萬至290萬戶;鑑於公司最高滲透率為65.2%,並集中於小城市,該行對公司能否達致目標有所保留。 該行表示,考慮中燃業績表現,至在其他城市的燃氣行業表現,包括新渠道連接及增值服務數入放緩等,認為房地產市場放緩影響新渠道連接,而疫情則影響增值服務增長,目標價9元,故維持其評級為「減持」。(ca/k) ~
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