《大行報告》大摩昆侖能源(00135.HK)向金鴻收購資產估值吸引
摩根士丹利發表報告指,於A股上市的金鴻控股(000669.SZ)於上周五(16日)公布,計劃向昆侖能源(00135.HK)子公司昆侖燃氣出售17個城市燃氣項目。根據金鴻表示,17項資產的權益賬面值及總收購價估計分別為10.42億元及16.55億元人民幣,交易預計將分三期以現金結算。
大摩表示,金鴻公告中提到17項資產在去年的應佔利潤為1.43億元人民幣,因此估計是次交易的市賬率及市盈率分別約為1.6倍和11.6倍,估值與行業可比對象相比是有吸引力。
該行維持對昆侖能源的「增持」評級及目標價9.5元,並對集團的下游天然氣業務保持正面,認為集團作為控制中國內地60%至70%天然氣供應的中石油(00857.HK)的唯一下游平台,其在下游城市燃氣擴張方面可有強大優勢。
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