Market Brief

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Author

陳招富先生 (Anthony Chan)
經理

現任職輝立經理,樂意與客戶研究買賣策略。歡迎各位來電交流心得
Phone:
22776655

華潤燃氣(一百)(1193.HK)

Friday, June 24, 2022 Views5943

公司簡介 :

華潤燃氣控股有限公司(「華潤燃氣」)主要由中國最大的國有企業集團之一的華潤(集團)有限公司擁有。作為中國領先的燃氣公用事業集團,華潤燃氣主要從事下游城市燃氣分銷業務,包括管道天然氣分銷及天然氣加氣站業務及燃氣器具銷售。華潤燃氣的業務策略性地分佈於全國各地,主要位於經濟較發達和人口密集的地區以及天然氣儲量豐富的地區。

 

銷量增長放緩

 

華潤燃氣在華東地區有高風險敞口,該部分地區防控收緊,降低了工商業用戶的天然氣消費,導致公司前五個月的銷量增長放緩。由於中國從6月份開始逐步經濟活動限制,預計將會出現復甦,而華潤燃氣儘管銷量增長放緩,但在收購的幫助下,預計2022年的天然氣消費增長仍將超過全國3%-5%。

 

流動性高

 

華潤燃氣擁有很強的流動性,2021年底華潤燃氣的現金76億港元,短期債務63億港元。大部分短期債務由離岸美元債券組成,截至2021年底,總額為7.164億美元,並在2022年上半年以較低利率通過貸款進行再融資。多元化的融資渠道進一步支持了流動性,其中包括截至2021年底的22億港元未使用銀行授信額度。

 

[買入價] = 看圖睇勢,華潤燃氣的週重線圖顯示股價在3-5月形成一個雙底,突破頸線並重回月線圖EMA(250) 平均線之上 – 目前EMA(250) 為33.6港元。

再看月線圖,自2010年開始,股價沿EMA(55)上升,2022年3月15日跌破EMA(55)(89)低位 = 24.88港元。由於大市逐漸回穩,股價迅速重回EMA(89)。筆者建議可分二注作出吸納,第一注為29.7港元,第二注為26.68。上望目標價為週線圖 EMA(150) 平均線的36.6港元。止蝕位訂為33.3港元。

 

 

註:本人陳招富為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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