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《大行報告》大和下調崑崙能源(00135.HK)目標價至7元 評級「跑贏大市」
阿思達克 04-03 15:11
大和發表報告表示,下調崑崙能源(00135.HK)目標價,由7.2元降至7元,因對其未來一年預測市盈率估值預測降至7.8倍,維持「跑贏大市」評級。 該行指,基於油價下跌及每股派息遜預期,市場對崑崙能源看法轉差。該行亦上調對崑崙能源今明兩年每股盈利預測5.3%至6%,基於假設城市氣體及液化天然氣處理業務高毛利率,以及液化天然氣儲存業務的高利用率。 大和指,崑崙能源在分析員會議中提及未來數年爲重要發展機遇期,今年資本開支在扣除併購後達56.9億元人民幣按年升25%,並預期城市氣體業務在今年的併購機會增加。公司亦確認核心淨利潤25%至35%的派息比率。 該行相信崑崙能源將維持派息率至目標區間上限,但資源將被優先用在未來資本開支多於增加派息,並會透過每股盈利上升增加派息,多於把派息比率調高至逾40%。
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