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《大行報告》匯豐研究:燃氣股首選新奧(02688.HK) 降中燃(00384.HK)評級至「持有」
匯豐環球研究發表報告指,中資燃氣股股價自今年8月起出現調整,主因市場憂慮天然氣價格上升令行業毛利減少,及該行低估了政府在近期介入能源消費。 該行表示,年初至今內地進口液化天然氣價格上升了23%,預期批發管道天然氣價格在今個冬天或會提高。不過,市場的天然氣供應及庫存建設在第三季開始提升,為需求/供應重新調校提供了機會。另一方面,該行認為行業單位毛利的下行風險已於市場充分反映,而工業用戶的轉價可能會較預期更為有效。 匯豐研究下調中資燃氣股盈利預測,以反映新的宏觀及行業假設,並調整部分股份目標價。該行又將中國燃氣(00384.HK)股份評級由「買入」降至「持有」,主因對集團擴展至LPG(液化石油氣)微管網的憂慮等,目標價則由32元下調至20元。燃氣股中,匯豐首選為新奧能源(02688.HK),其次為港華燃氣(01083.HK),兩企評級均為「買入」,目標價分別176元及6.7元。
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