《大行報告》摩通:煤氣(00003.HK)中績遜預期 資本開支預算倍升限制派息增長空間
摩根大通發表報告指,香港中華煤氣(00003.HK)今年上半年業績遜預期,核心盈利按年跌34%,內地業務稅後經營溢利跌38%。售氣量增長僅1%,令人失望。
管理層將未來三年資本支出預算從150億元倍升至300億元。摩通認為將為資產負債表帶來壓力,並限制其股息提升空間,降低今年恢復「送紅股」的可能性,相信投資者可能會對煤氣的中期業績作出負面反應。
不過該行指,7月份起經營情況持續改善,預期下半年利潤率將有所提升,又指出雖然看到公司銳意推進綠色轉型計劃,令人鼓舞,但仍對股息增長趨勢保持審慎看法,預計未來可再生能源資本開支較高的情況下,股息增幅將僅達低單位數,給予目標價7.5元,評級「減持」。
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