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汇丰研究:首予中燃(0384.HK)“买入”评级 目标价38港元
格隆汇 01-17 11:40

汇丰环球研究发表报告,首次覆盖研究中国燃气(00384.HK),予其“买入”评级,目标价38港元。该行表示,虽然中燃是由私人管理团队在二十多年前创立,但其亦得到国有企业北京控股(00392.HK)的支持,北控自2013年开始为集团单一最大股东,持股24%,而中燃创办人及总裁刘明辉则为第二大股东,持股21%。该行认为,集团的国有及私人结合背景可使其商业化运作,达至稳固的执行能力,及有强劲的银行信贷额度支持。

汇丰研究表示,内地今年开始将由俄罗斯进口天然气,预期有50亿立方的天然气输送至中国东北部,而输气量计划在2025年进一步增加至380亿立方,预计中燃可成俄罗斯气的最主要受惠者,因集团有19%的管道气项目是位於东北,而且其聚焦的黑龙江省与俄罗斯有接驳,相信俄罗斯供气与现时区内所用燃料相比有竞争力。

另外,该行预期中燃在2020至2022财年的销气量(撇除管道贸易)可分别增长26%、25%及21%,意味2019至2022财年的年均复合增长率达24%。

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