《大行報告》大摩升昆侖能源(00135.HK)評級至「增持」 下調煤氣(00003.HK)目標價至6元
摩根士丹利發表報告,預計到2030年,中國天然氣需求增長將保持在較高單位數,並在此後繼續攀升。隨著中國經濟增長趨穩,工業領域「煤改氣」可能會重新加速,並扭轉今年的疲軟態勢。
此外,大摩仍然認為天然氣是中國碳中和道路的關鍵組成部分。中國正在積極爭取管道天然氣和液化天然氣的長期進口合同,並促進國內天然氣生產,顯示行業參與者和政府對天然氣需求的長期預期。因此,隨著市場份額的擴大,該行認為龍頭天然氣企業在未來幾年的銷量增長將高於行業水平。
股票偏好方面,大摩仍然看好華潤燃氣(01193.HK)一線城市業務。由於天然氣需求的有機增長更具可持續性,潤燃應從中受惠,而昆侖能源(00135.HK)則是該行行業首選,因為它對接駁費下降的防禦性最強,上調對昆侖能源評級由「與大市同步」升至「增持」,將目標價由7元調高至8.5元,該行預計市場對接駁費擔憂將在今明兩年持續。
大摩上調中國燃氣(00384.HK)評級由「減持」升至「與大市同步」,因為估值相對較高,而且其在接駁費方面的下行風險最大﹐目標價由7元升至7.4元。該行維持煤氣(00003.HK)「與大市同步」評級,下調目標價由7元降至6元。該行對燃氣股目標價詳見另表。
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