《大行報告》建銀國際下調潤燃(01193.HK)目標價至29元 評級「中性」
建銀國際發表研究報告,預期華潤燃氣(01193.HK)今年上半年盈利基本持平,核心利潤按年增長約2%,計及上半年人民幣兌港元貶值7%的影響,預計潤燃中期收入將按年增長4%,零售燃氣量增長5%,綜合服務收入增長27%,抵銷接駁收入下降8%的影響。
成本正常化下天然氣接駁業務毛利率料回升,假設成本可持續轉嫁,該行預期單位利潤將回升至每立方米0.49元人民幣。建銀國際認為,去年天津合營所帶來的虧損侵蝕公司全年度核心利潤約8%,因此天津合營何時扭虧,將成為公司整體盈利增長的不確定性因素。
建銀國際維持對華潤燃氣的「中性」評級,表示其接駁業務較同行更具彈性,以及其股息增長,但考慮到宏觀經濟疲弱及合營影響,將2024至2025年盈利預測下調2%,目標價亦從30元下調至29元。
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