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《大行》中銀國際降中燃(00384.HK)評級至「持有」 上財年純利遜預期
阿思達克 06-30 15:53
中銀國際研究報告指,中國燃氣(00384.HK)今年3月底止2025財年淨利潤僅微增2%,達32.52億元,較該行預測低出21%;此外,該公司幾乎所有業務板塊盈利均低於預期。展望未來,中銀國際預計,中國燃氣2026財年盈利按年增長13%,主要受單位利潤改善及天然氣銷量略增推動。中銀國際將2026至2027財年盈利預測下調14%至15%,並將評級由「買入」下調至「持有」,因上行空間有限。 報告指,中國燃氣自由現金流由2024財年的42.9億港元改善至2025財年的46.6億港元,但主要受聯營及合營公司貸款減少28億港元推動,認為該趨勢可能難以持續。 報告又提及,儘管中國燃氣盈利預測下調,但將目標價略微上調,由7.58元升至7.77元,主要因調低加權平均資本成本(WACC)預測由6.8%降至6.5%,反映無風險利率下降、更低的beta及債務成本。新目標價相當於預測2026財年市盈率11.4倍。
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