《大行報告》摩通下調潤燃(01193.HK)目標價至26.5元 評級「中性」
摩通發表報告指,華潤燃氣(01193.HK)上半年業績無大驚喜。積極因素方面,天然氣銷量增長7%,天然氣單位利潤按年提高5分人民幣,至50分人民幣;聯營或合營公司利潤亦好過預期,且上半年營運現金流大幅反彈至40億元以上。不過,新接駁量僅為130萬,按年跌22%,令人失望,綜合服務僅實現8%的增長。
報告指,潤燃今年以來股價表現跑輸市場15%以上,認為已基本反映氣量增長放緩和新接駁量下降的不利因素。如果沒有大型併購帶來的貢獻,明年銷量增長仍不確定,因此維持「中性」評級,因為短期的催化劑有限。如果宏觀經濟或房地產市場改善,將轉為更積極的態度。摩通將潤燃目標價由27.5元降至26.5元。
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