《大行報告》匯豐研究下調中燃(00384.HK)目標價至11.3元 評級「買入」
匯豐研究發表報告指,中燃(00384.HK)全年業績表現疲弱,淨利潤43億元,核心利潤為42億元,低於預期。不過,焦點仍是即將出現的復甦,目前集團的銷量和利潤率正在改善。該行指,集團的風險回報持續吸引,而每股派息亦具持續能力。在亞洲天然氣公用事業領域中,維持集團「買入」評級,目標價由11.9元下調至11.3元。
該行表示,中燃管理層給予指引2024財年淨利潤將按年反彈30%,主要是受到氣量增10%所推動,今年4至5月的銷量已按年增逾10%。
該行提到,近日河北省政府推行的天然氣價格改革旨在進一步令天然氣價格自由化,容許透過零售電價直接轉嫁上游成本。公司預計,其他省市將在下半年採取類似政策,包括更全面的天然氣成本評估、針對住宅用戶的價格調整、及有更頻繁的調整週期,又預料如果地方政府落實優惠政策,天然氣分銷的投資回報可能會提高至7%的總資產報酬率上限。
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