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《大行報告》匯豐研究普遍下調燃氣股目標價 維持「買入」潤燃(01193.HK)、新奧(02688.HK)及中燃(00384.HK)
匯豐環球研究發表報告,普遍下調內地燃氣股目標價,將華潤燃氣(01193.HK)目標價由34元降至33元,維持「買入」評級,調低新奧能源(02688.HK)目標價由144元降至127元,但維持「買入」評級,因爲對銷量增長的擔憂正在減低,以及價格改革帶來的利潤空間增加。該行維持中燃(00384.HK)「買入」評級及目標價11.3元。 該行稱,近期天然氣公用事業板塊股價波動反映市場對工業需求擔憂。另一方面,內地政府最近出臺的天然氣定價自由化政策可能會提升並進一步保護公用事業公司的單位利潤率,令其免受上遊燃料成本波動影響。因此該行認爲燃氣股盈利質量以及整體投資回報率都將改善,但市場並未充分意識,行業遠期市盈率倍數接近近期的歷史低位。 匯豐環球研究預計,燃氣股今年盈利將反彈,但由於去年同期高基數,今年上半年按年增幅可能並不令人驚喜。
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