《大行報告》花旗:中燃、潤燃及新奧股價回落後呈更佳切入點 下調目標價
花旗發表研究報告,指新奧能源(02688.HK)、華潤燃氣(01193.HK)和中國燃氣(00384.HK)的股價在過去三個月累跌約17至23%,認為目前是對中國城市燃氣分銷商的更佳切入點,因此這或足以反映市場對零售燃氣銷售低於預期的擔憂。該行認為,整個行業有充足的的上行催化劑,包括加快零售天然氣銷量增長,以及單位利潤率擴大,受惠於更有效成本轉嫁和液化天然氣(LNG)單位成本降低。
該行重申受惠國企改革的華潤燃氣的「買入」評級,列其為首選,目標價由34元降至33.4元;並籲「買入」新奧能源,目標價由120元下調至118元,又對中國燃氣開啟為期30天的負面催化劑觀察,預計其3月底止2023財年盈利將低於預期,但由於預期2024財年業務出現復甦,維持「買入」評級,目標價由14元降至12元。
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