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大和:升昆仑能源(0135.HK)评级至“买入” 目标价7.8港元
格隆汇 10-21 14:13

大和总研发表研究报告指,昆仑能源(0135.HK)位于唐山的液化天然气接收站正进行扩张及快速增长,现时的低估值未反映下游业务的前景。大和将其投资评级由“优于大市”调高至“买入”,惟目标价由9.6港元调低18.75%至7.8港元。

大和指出,唐山液化天然气接收站之容量上升,预计在2020年10月会有更多16万立方米的储槽系统投入营运,接收站的使用率首9个月按年持平,而预计全年使用率会超过8成,接近最大容量。大和续指,昆仑能源在城市天然气供应业务亦有增长,现时有17个估值吸引的相关下游业务,未来管理层亦会以上下游合作方式扩张业务。

大和认为,昆仑能源的股价已过度调整,现时反映下游天然气业务的市帐率只有不多于1倍,对比其他主要天然气供应商的大于3倍便宜,同时将其2019-2021年的每股盈利预测降低1-2%,以反映其城市门站价格上升。

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