Market Brief

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Author

邱俊瑜先生 (Porter Yau)
經理

主要按基本因素選股,但有時也會參考圖表、技術分析。除股票外,亦經常研究期權 。歡迎來電賜教或交流心得。
Phone:
36517388

天津津燃公用事業股份有限公司(01265.hk)

Monday, September 10, 2018 Views8398

集團簡介:

- 集團主要在中國從事管道燃氣基礎設施的經營和管理,以及管道燃氣的銷售和分銷業務,亦從事銷售安裝燃氣器具、供氣項目投資,並提供其他供氣相關服務。
- 集團的收入來源包括燃氣接駁費、銷售燃氣收入及銷售器具收入,而主要收入來自首次接駁燃氣所收取的接駁費及燃氣使用費。
- 集團擁有及經營的燃氣管道基礎設施包括主幹管道、分支管道及其他配套設施,如調壓站等 。

- 集團之經營地區 : 天 津 、內蒙古自治區集寧 市 、 廣西壯族自治區玉林市

 

集團主要客戶可分為兩大類,即接駁費客戶與燃氣用戶。 接駁費客戶可再細分為三類客戶,即物業發展商;物業管理公司或住宅客戶;及商業及工業客戶。

 

業績表現:

- 按照中國會計準則,2017年度,集團營業額增長22﹒6%至14﹒69億元(人民幣;下同),股東應佔溢利上升6﹒4%至4007萬元。 年內業務概況如下:
(一)管道燃氣銷售收入增長23﹒9%至13﹒24億元,佔總營業額90﹒1%;燃氣接駁收入增長10﹒1%至1﹒22億元;燃氣輸送及租金收入上升80﹒8%至1077萬元;燃氣器具銷售收入 下降0﹒8%至1208萬元;
(二)於2017年12月31日,集團持有貨幣資金4﹒87億元,並無任何銀行借貸,資產負債比率(總負債與總資產之比率)為29%(2016年12月31日:28%) 。

 

與華潤訂立備忘錄:

天津津燃公用 (01265.HK)公佈,控股股東天津燃氣與津燃華潤訂立備忘錄,津燃華潤將收購天津燃氣所持天津津燃公用已發行股本70.54%,作價不得低於每股0.61元,或天津津燃公用最近一個會計年度上市公司經審計的每股淨資產值 (NAV) , 即1.14元。 津燃華潤為天津燃氣及華潤燃氣的合營企業,是次交易為合營重組協定一部分。

 

建議:

國企賣資產,成事機會率高,現價0.81(2018年9月7日收市價),上望1.14,如果不成功,下試0.6。直博率高,建議收集。
 

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