《大行》美銀證券:中國燃氣(00384.HK)全年度純利遜預期 下調目標價至5.3元
美銀證券研究報告指,中國燃氣(00384.HK)今年3月底止2025財年淨利潤約32.5億港元,遜市場預期12%。其2025財年核心利潤按年跌10%,並遜市場預期達25%,營運數據基本符合預期。營運現金流按年下降43%至64億港元,資本支出達46億港元超出指引,自由現金流18億港元,則低於27億港元股息,令派息可持續性存疑。
綜合上述等因素,美銀對中燃2026至2028年每股盈測下調介乎23%至24%,目標價由6元降至5.3元,認為其股息率6.8%尚未完全反映風險,維持「跑輸大市」評級。由於經常性減值及成本超支,料市場將下調對其每股盈測。
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