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大和:上调香港中华煤气(00003)目标价至6.9港元 评级升至“跑赢大市”

Daiwa: Raises target price of hk & china gas (00003) to HKD 6.9, upgrades rating to "outperform the market".

Zhitong Finance ·  Aug 12 14:29  · Ratings

Daiwa bullish on Power Assets (00006) and CKI Holdings (01038) in the utility industry.

According to the research report released by Daiwa Securities, the investment rating of HK & China Gas (00003) has been upgraded from "hold" to "outperforming the market." It is expected that with the recovery of business in China, it is believed that the gas company can fulfill its existing dividend promise. The target price has been raised from HKD 6.2 to HKD 6.9, and the earnings forecast per share for 2024 to 2026 has been raised by 1% to 2% in response to the expected decline in financial costs.

The bank stated that the dividend return rate of HK & China Gas for 2024 to 2026 is predicted to reach 5.5%, which is not too bad, but considering its slow deleveraging progress, it is believed that the chance of raising dividends is small. The gas company is listed as the least favored local utility stock. Daiwa is more bullish on Power Assets (00006) in the utilities industry, with a predicted dividend yield of 5.2% this year. It is expected that Power Assets will benefit from the expansion of interest rate differential under the interest rate reduction cycle and is given a "buy" rating. Additionally, CKI Holdings (01038) is also viewed favorably.

The translation is provided by third-party software.


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