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《大行》大摩估燃氣股中期表現平淡 昆侖能源(00135.HK)料跑贏
摩根士丹利發表研究報告指,中國燃氣公用事業上半年表現平淡,天然氣需求與去年同期持平,LNG進口量大幅下降,情況與2022年相似,受暖冬、高基數及煤價下跌影響,期內工業用氣量增長疲弱。雖然居民氣價上調約5%至8%,推動銷氣價差輕微改善,但新接駁業務亦持續拖累盈利。 大摩預期城市燃氣企業中期盈利普遍持平,其中昆侖能源(00135.HK)將跑贏同業,而華潤燃氣(01193.HK)則相對遜色,因接駁及綜合服務業務較為疲弱,將其今明兩年盈利預測下調30%至35%,目標價由原先30元降至19.2元,評級「與大市同步」。 大摩看好昆侖能源的增長前景、估值較低且擁有優質資產負債表,預測其上半年盈利增幅達低單位數,評級「跑贏大市」;並相信中國燃氣(00384.HK)及中華煤氣(00003.HK)等高息股價將繼續受追捧。
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