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《大行報告》美銀證券下調潤燃(01193.HK)目標價至28.5元 評級「買入」
美銀證券發表報告指,華潤燃氣(01193.HK)上半年以人民幣計算的核心盈利大致持平,差過該行預期,主要因為接駁用戶及綜合服務的增長較預期為慢,公司預期在國企背景及綜合企業的優勢下,現有合約到期時再續約並無困難。 美銀維持潤燃「買入」評級,預期2022至2025年財年每股盈利複合年增長率10%,主要受惠於業務自然增長及併購,推動燃氣銷售量上升,以及在產品結構改善下,利潤率提升。不過基於人民幣貶值,天然氣銷量增長放緩,及料今年燃氣接駁下跌,目標價由33元下調至28.5元。 報告指,上半年集團每單位燃氣成本按年下跌0.02元人民幣(下同),同期新奧能源(02688.HK)及中華煤氣(00003.HK)上升0.05元。另外住宅燃氣的平均售價按年上升0.2元,令成本得以轉介予客戶,預期利潤率改善的情況,在明年將會持續。
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