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《大行》交銀國際調整中國燃氣(00384.HK)目標價至6.8元 維持「中性」評級
阿思達克 07-02 14:56
交銀國際研究報告指,中國燃氣(00384.HK)2025財年核心盈利按年下跌約14%,當中除暖冬對零售氣影響大於預期外,其他收入及稅項的基數也有一次性影響,導致業績低於交銀預期,不過公司自由現金流達到新高。末期分紅亦維持在0.35元,合乎預期。 交銀國際對中國燃氣2026財年的指引偏向保守,其零售氣增長2%,售氣毛差微升至每方0.55元人民幣;居民新增接駁120萬戶。交銀預期公司仍有機會在2026和2027財年錄得的自由現金流,能覆蓋目前的年度派息。 該行分別下調中國燃氣2026和2027財年盈利預測8.5%和8%。因公司自由現金流持續改善,上調估值至10倍2026 年市盈率,目標價調整至6.8港元。維持「中性」評級。
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