《大行報告》摩通下調燃氣股目標價 潤燃(01193.HK)及新奧能源(02688.HK)評級降至「中性」
摩根大通發表報告指,對中國天然氣公用事業公司上半年業績表現轉為持謹慎態度,主要是其盈利有機會未達標、以及管理層下調其指引。該行指,對中國天然氣公用事業公司在2023年盈利預測較市場平均低了7%,主要是市場未完全消化天然氣量增長疲軟、人民幣貶值,以及部分合資企業或聯營企業錄得虧損。
該行相信,下半年天然氣量和利潤率將保持溫和復甦,由於天然氣價格上漲和工業需求低迷,可能會拖累天然氣消費,若上游住宅天然氣價格將在第四季或明年年首季度再次上漲,或會令利潤率改善有難度。
摩通指,將華潤燃氣(01193.HK)目標價由32元下調至27.5元,投資評級由「增持」降至「中性」,將新奧能源(02688.HK)目標價由132.5元下調至100元,投資評級亦由「增持」降至「中性」。
該行估計新奧能源今年上半年核心純利42.95億人民幣按年僅升4.3%,但關注其核心盈利及燃氣銷售指引或潛在遭到下調。該行下調對新奧預測今明兩年純利預測6%至8%,反映燃氣銷量增長及接入費的毛利率低。(ca/w)
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