《大行報告》花旗上調煤氣(00003.HK)目標價至6元 評級「沽售」
花旗發表報告指,煤氣(00003.HK)去年業績令人失望,稅後經營利潤按年下跌16%至60.4億元,主要受到內地公用業務按年下跌30%至24.9億元所拖累。由於盈利增長幅度低,加上負債比率上升,該行並不預期集團會於今年至2025年派發紅股。
該行上調煤氣股份目標價,由5.8元升至6元,評級維持「沽售」,同時下調集團今明兩年盈利預測分別11%及6%,反映內地公用業務的貢獻減少。該行認為,集團去年約4.9%的股息收益率並不吸引,在缺乏高盈利增長下,相當於今年市盈率22.6倍的估值昂貴。
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