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大和:上调中国燃气(0384.HK)目标价至29.75港元 评级“优于大市”
格隆汇 05-04 16:44

大和发表研究报告指,中国燃气(0384.HK)管理层强调,最近未能收购一个大型城市燃气项目,令集团需进行配股。大和上调中国燃气目标价5.12%,由原来的28.3港元升至29.75港元,评级亦由“持有”提高至“优于大市”。

大和表示,公司计划将所得款项40%用于未来收购中国的城市燃气项目,公司目前已拥有20多项并购交易,并有25%用于扩张液化石油气的智能微管网业务及发展分布式供热业务,管理层强调今年需加快这些新业务的建立。不过,大和认为中国燃气很难在其他公司拥有特许权的其他城市发展分布式供热业务。

该行认为,自4月22日宣布消息以来,公司股价调整幅度逾14%,认为大部分负面因素都已消化了,因此公司股价上升空间大于下行空间。该行相信併购交易将更频繁,并将成为近期股价的催化剂。不过,公司不太可能进行大型的併购,或会令部分投资者感失望。

该行预期,管理层将在6月份的2021财年业务发布会上,公布2022至2023年的并购计划指导,将令投资者对2022年实现纯利140亿元,2023年纯利150亿元的目标具能见度。

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