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《大行報告》大摩升潤燃(01193.HK)評級至「增持」 上調新奧能源(02688.HK)至「與大市同步」
摩根士丹利發表研究報告指,中國石油天然氣集團自4月起將其居民天然氣價格較基準上調15%,按年提升9.5%,山東、四川和河北在內等多個省份相應上調住宅電價,預計愈來愈多省份會在5月至6月份跟隨,預期發改委會將目前的低CPI環境,視作提高天然氣價格的機會。 該行指出,華潤燃氣(01193.HK)及中華煤氣(00003.HK)都在內地各大城市有經營業務,預計其今年單位利潤反彈幅度會較同行高,主要由於較高利潤的商業燃氣量提升、補貼因素,以及在液化天然氣價格下跌的情況下天然氣成本有所降低所致。 大摩估計華潤燃氣對居民用量的敞口爲業內最高,加上公司在內地大城市的商業天然氣業務發展,料可受惠於天然氣費用轉嫁措施,將其投資評級由「與大市同步」提升至「增持」,目標價36元。 該行並基於公允估值,將新奧能源(02688.HK)目標價從100元上調至112元,評級由「減持」升至「與大市同步」,以反映2023至2025年經常性利潤預測上調7%至11%。
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