《大行報告》花旗下調潤燃(01193.HK)目標價至27元 評級「買入」
花旗發表研究報告指,潤燃(01193.HK)剔除一次性收益和人民幣貶值影響後,上半年淨利潤大致持平。該行指,由於基數效應較低,預計下半年的盈利增長將有所改善,將今年淨利潤預測調高8%,但2024至25年則下調3%至5%。該行指,由於預期集團下半年有更好盈利增長,加上新業務具上升潛力及估值較低,維持其「買入」評級,目標價則由33.4元下調至27元。
該行表示,集團上半年淨利潤按年增16.4%至35.45億元,其中包括納入其他收入的重慶城市燃氣項目合併所產生的6.94億元視為出售收益。剔除這個一次性項目,受人民幣兌港元貶值6.3%的影響,淨利潤跌6.4%至28.51億元。如果剔除折舊,六個月淨利潤僅跌0.5%。集團中期的現金淨額錄得大幅改善,由2022年上半年流出1,000萬元,增至今年上半年流入47.6億元。集團維持今年淨利潤按年增長雙位數的目標,其中上半年按年增長16.4%的目標應該可以實現。
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