《大行報告》花旗降中燃(00384.HK)目標價至9元 下調盈測
花旗發表研究報告,考慮到新增接駁量下跌及零售業務銷量增長較預期弱,因此將中國燃氣(00384.HK)2024財年至2026財年淨利潤預測下調8%至11%,預期每立方燃氣利潤增長亦無法抵銷相關影響。
該行並將中燃的目標價從11元下調至9元,預測2024財年上半年淨利潤將按年下降23%至25億元,儘管零售燃氣銷售有所增長,但由於新增接駁量減少及人民幣兌港元匯價貶值因素拖累,相信11月底公布的中期業績將未能達到市場預期。
花旗仍對中燃維持「買入」評級,指出現時估值便宜,行業中首選為新奧能源(02688.HK)。鑑於工業需求較預期弱,花旗亦將中燃2024財年零售天然氣銷售額增長目標從10%下調至5%,全年零售天然氣銷量增長預測則下調2個百分點至5%,全年新增接駁量料達175萬戶。
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