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大行評級丨星展:下調華潤燃氣目標價至24.3港元 下調2025及26財年盈測

星展銀行發表研究報告指,華潤燃氣首季供氣量增長受暖冬嚴重影響,工業需求仍續疲弱。該行認爲潤燃管理層設定的2025財年供氣量增長4%至5%的目標具挑戰性,且美國關稅影響尚未反映,後續仍有下行風險等,因此該行將增長假設下調1.3個百分點,至2%。

星展將潤燃目標價由27港元降至24.3港元,評級“持有”,認爲銷氣量增長的不確定性將限制股價表現。該行下調潤燃2025及2026財年各年盈測分別2.4%及2.6%,以反映供氣量增長假設的調整。修訂後,該行預計潤燃核心利潤於2025至2026財年各年分別增長約4.5%及7.4%。

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