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《大行報告》摩通上調昆侖能源(00135.HK)目標價至8.35元 評級「增持」
摩根大通發表報告,建議於去年業績公布前買入昆侖能源(00135.HK),因公司於淨現金狀態、正自由現金流及經營前景改善下,或會提高目前為25%至35%的派息承諾。根據該行估計,若派息比率為50%,意味股息收益率達7%。 另外,由於現時國企業將股本回報率作為績效指標的一部分,摩通估計公司管理層可能會考慮回購股份;而公司盈利質素持續改善,加上過去五年的天然氣銷量增長強勁,毛利率亦穩定,與下游企業40%以上的估值差距有望縮小。 該行提到,雖然新奧能源(02688.HK)和華潤燃氣(01193.HK)在內地重新開放中的貝塔系數最高,但認為昆侖能源有更佳的風險/回報,因其估值低,且自去年11月以來表現跑輸約20%。摩通上調昆侖能源股份目標價,由7元升至8.35元,評級維持「增持」,並為今年首季燃氣公用股首選。
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