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《大行報告》匯豐研究下調潤燃(01193.HK)目標價至35元 評級「持有」
阿思達克 08-29 12:27
匯豐研究發表報告,指受累銷量放緩及單位毛利率收縮,抵銷新接駁量及綜合服務上的增長,華潤燃氣(01193.HK)上半年純利按年跌6%至30億元,符該行預期;每股中期息維持15港仙,意味分派比率11%,高於去年同期的10%。經營現金流轉負,受累成本轉嫁滯後及政策容許部分用戶遲交供氣賬單介乎3至6個月。潤燃料今年下半年情況將獲糾正。 作為非燃氣業務相對遲起步者,該行仍等待公司在綜合能源上提出更佳指引及披露,以期有更佳盈利增長可見度及更佳切入點。該行下調其2022至2024年每股盈測介乎1.7%至3.5%,目標價由36元降至35元,維持「持有」評級。
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