《大行報告》瑞銀下調燃氣股目標價 首選潤燃(01193.HK)及中燃(00384.HK)
瑞銀發表研究報告指出,看好內地燃氣股,預期盈利增長將由2022年的負3%,上升至明年的15%,主要由於內地重新開放,刺激天然氣量反彈,由預測今年增長6%至明年擴大至11%;國際油價穩定導致美元邊際利潤溫和復甦;新業務板塊增長等。
該行對內地燃氣股2022至2024財年的純利預測下調1%至13%,以反映潛在的短期壓力,但認為市場過分擔憂。燃氣股現價相當於2023年預測市盈率的10.1倍,較歷史平均水平15.5倍低1.9個標準差。總而言之,該行預期燃氣股2023至2025財年盈利的複合年增長率約為8%,較2019至2022財年的4%為高。
行業中,該行首選潤燃(01193.HK)及中燃(00384.HK),認為潤燃可實現更快的盈利增長,惟對其目標價由49元降至39元,評級「買入」;看好中燃管理策略改變可改善中期現金流,目標價由16元降至15.5元,評級「買入」(其餘燃氣股詳見另表)。
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