《大行》匯豐升中國燃氣(00384.HK)目標價至7.2元 維持持有評級
匯豐研究報告指,中國燃氣(00384.HK)全年淨利潤按年升2%,如撇除一次性項目,核心利潤將按年跌14%,低過市場及該行預期,主要因接駁服務的利潤及接駁量有所下跌,零售天然氣銷量持平,以及附屬和聯營企業的貢獻低過預期,抵消了每單位毛利(dollar margins)及增值服務的擴張。
不過,每股派息維持0.5元,受資本開支減少,以及附屬和聯營企業貢獻的現金所支持。該行下調盈利預測,但基於股本成本和資本開支的新假設,將目標價由6.7元升至7.2元,維持「持有」評級,並認為目前收益率6.8%具吸引力,相信可限制股價下行風險。
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