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《大行》摩通升昆侖能源(00135.HK)評級至「增持」 目標價上調至8.65元

Morgan Stanley raised the rating of Kunlun Energy (00135.HK) to "shareholding" and increased the target price to 8.65 yuan.

AASTOCKS ·  Nov 12 10:17

Morgan Stanley's report states that since July, kunlun energy (00135.HK) has underperformed the ​indices by about 30%, possibly due to the rotation of the industry towards companies with higher csi 300 high beta values, as well as the spillover effects of the recent drop in oil prices.

Morgan Stanley believes that the pullback in kunlun energy's stock price provides an attractive entry point, as the stock is currently valued at less than 9 times the forecasted forward pe ratio for the next year, with a yield of over 5%. There are two potential catalysts in the future, including a possible decrease in industry procurement costs due to the global decline in oil and natural gas prices, and kunlun energy's approximately 70% of natural gas sales coming from the industrial sector, which may benefit from potential stimulus measures in China.

The company mentioned that kunlun energy's management has promised to raise the distribution ratio by 2 to 3 percentage points annually from 2023 to 2025, to 45%. With about 20 billion yuan in net cash on hand, the distribution ratio is expected to further increase, implying a compound annual growth rate of over 10% in dividends per share during the period. Morgan Stanley has upgraded kunlun energy from 'Neutral' to 'Shareholding', raising the target price from 8.25 yuan to 8.68 yuan, and making it the top choice in the industry alongside enn energy (02688.HK). From a valuation and yield perspective, in the next three months, the industry prefers kunlun energy over runrun(01193.HK).

The translation is provided by third-party software.


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