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《大行報告》美銀證券下調北京控股(00392.HK)評級至「跑輸大市」 降目標價至23元
美銀證券發表報告指,北京控股(00392.HK)旗下陝京管道的每立方米傳輸費於去年削減了7%,今年上半年亦降低了8%,預期明年會有進一步的下調,主因來自液化天然氣(LNG)接收站及俄羅斯的天然氣供應比例提高,料會令平均傳輸費下降。 該行將陝京管道今年的盈利預測下調25%,以反映單位傳輸費用下降,但明年及2023年盈利則因匯率假設上升而調高4%至5%,最新預期該管道明年盈利將下跌13%。 美銀同時將北京控股股份評級由「中性」降至「跑輸大市」,目標價由24.6元下調至23元,並調低集團今年至2023年每股盈利預測5%至9%,主要由於人民幣兌港元預測上調、修訂天然氣銷售單位毛利及中國燃氣(00384.HK)與北控水務(00371.HK)的盈利貢獻預測等。
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