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《大行》大和升中燃(00384.HK)評級至「跑贏大市」 上調目標價至8.3元 派息料具可持續性
大和發表研究報告,指中國燃氣(00384.HK)具吸引力,其今年3月底止2025財年業績勝預期,明年3月底止財年業績指引合理,並料中燃每股派息50港仙具可持續性,其6.4%的股息收益率相較於同行介乎4.1%至5.5%具吸引力,有助支撐股價,遂將中燃評級從「持有」上調至「跑贏大市」,目標價從7.3元上調至8.3元。 大和表示,中國燃氣24/25財年燃氣銷售業務基本符合指引(由於暖冬,燃氣銷售量略低於指引,但單位利潤率超預期),新增接駁數量達到指引上限140萬戶,增值業務也達到10%的盈利按年增長,認爲其25/26財年指引在同行中最爲合理,燃氣銷售量料按年增2%。 報告提及,內地城市燃氣公司在今年首五個月可能僅錄得0%至2%的燃氣銷售量增長。因此,大和認爲這些公司可能在8月財報會議中下調燃氣銷售量指引,對行業構成負面催化劑。 大和又認爲,每股派息增長或股息收益率是股價表現的關鍵。在2025財年,中燃維持每股50港仙的股息(24/25財年派息比率83%),部分解釋了業績公佈後股價上漲約7%的原因。大和建議投資者在8月財報季前繼續持有高收益率股票。在2026財年預測中,大和預計中國燃氣將維持穩定每股50港仙股息。
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