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《大行報告》美銀證券上調內地燃氣股目標價 重申潤燃(01193.HK)「買入」評級
美銀發表報告,重申潤燃(01193.HK)「買入」投資評級,目標價由26元上調至36.5元。該行同時上調潤燃2022年至2024年每股盈利預測4%、16%及13%。 該行認為,內地商業活動增加對潤燃最為有利,因潤燃商業售氣佔比在新冠疫前的2019年達22%,高於新奧能源(02688.HK)的10%及中燃氣(00384.HK)的17%。潤燃今年氣體銷售毛利亦將受惠於商業用氣,因商業用氣業務對比工業及住宅毛利較高。 此外,潤燃住宅用氣連接量增長或將持續跑贏新奧能源及中燃氣,如2021及2022年一樣,因潤燃在住宅用戶市場滲透率為同業最低,且在一、二線城市市佔較高,帶來住宅用氣連接量增長溍力,其姊妹公司潤地(01109.HK)亦可能幫助公司有關增長;而住宅用氣連接量提升亦可推高附加值業務增長。 該行亦指,潤燃估值相對及引,目前股價為今年及明年預測企業價值倍數(EV/EBITDA)6.6及6.5倍,為同業中最低。同期投入資本回報率料分別為13.8%及12.7%,亦為同業中最高。 美銀同時上調其他內地燃氣股目標價,該行對內地燃氣股最新投資評級及目標價見下表: 股份│投資評級│目標價 新奧能源(02688.HK)│跑輸大市│72元→76.5元 華潤燃氣(01193.HK)│買入│26元→36.5元 北京控股(00392.HK)│跑輸大市│23元→24元 中國燃氣(00384.HK)│跑輸大市│7.5元→7.9元
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