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《大行》花旗一舉降潤燃(01193.HK)評級至「沽售」 下調目標價至18元 上半年盈利料遜預期
阿思達克 07-09 11:40
花旗發表研究報告指,在進行盡職審查後,對華潤燃氣(01193.HK)2025至27年盈測下調介乎18%至20%,以及預期其2025年上半年盈利不及預期後,將該股投資評級從「買入」一舉降至「沽售」,並展開90日負面催化劑觀察,基於現金流量折現法(DCF)模型計算的目標價下調28%,由原先25元降至18元。 花旗表示,因考慮到華潤燃氣零售燃氣銷量下降(2025年由原預測的按年增長2%調整為持平,首五月實際按年下降1%)、綜合服務收入預測被下調、接駁費毛利率被下調及營運費用預測被上調,將華潤燃氣2025至2027年的純利預測下調介乎18%至20%。花旗亦指,受公司及地方政府加強內部審查及檢查拖累,華潤燃氣今年迄今為止的業績表現低於原計劃,且落後於多數同行。因不確定該不利因素持續時間,花旗對華潤燃氣2025年至2027年純利預測較市場共識低出介乎約17%至21%。 該行預計,華潤燃氣在聘用新審計師下,因採用更保守的會計政策,其更多的開支將於今年上半年確認,今年上半年純利料按年下降42%至20億元。該行指潤燃預測今年股息率為4.4%,相較同行業公司並不具吸引力。
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