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大行評級|建銀國際:微降崑崙能源目標價至8.4港元 下調2024至26年核心盈利預測
格隆匯 02-13 10:35

建銀國際發表研究報告,預測崑崙能源液化天然氣(LNG)加工廠利潤將改善,燃氣及液化石油氣(LPG)銷售利潤將錄高單位數增幅,抵消了LNG終端利潤和石油勘探與生產業務利潤的下滑的影響,目前預測2024年核心盈利按年增長1%,燃氣銷量將料錄高單位數增幅,而LNG加工廠利潤增幅則預期達到雙位數。

考慮到崑崙能源未來數年將每年生成超過60億元的自由現金流,該行估算其派息比率可能從2023年的40%上調至2024年的43%,憧憬燃氣銷售業務將成爲崑崙能源2025年盈利的主要驅動力,提供較穩定的單位利潤率,同時預測銷量可實現中高單位數增長,支持今年全年核心盈利或增長3%。建銀國際將2024至2026年核心盈利預測下調3%、7%及9%,目標價從8.5港元微降至8.4港元,維持“跑贏大市”評級。

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