Insights

買煤氣收息是否依然穩陣?

香港中華煤氣(SEHK:3)一定是愛息之人的心頭好,減派紅股後現在買還值得? – Towngas Hong Kong investing

香港中華煤氣(SEHK:3)自從今年3月公布2019年度業績時公布紅股派送,由以往「十送一」變為「二十送一」後,股價便持續積弱,最近公布2020年上半年業績,股東應佔稅後溢利按年減少31.4%至26.7億元,股價有望重振嗎?

公用事業失防守力

煤氣主要經營燃氣業務,屬於公用事業,但業務收益亦無法倖免於疫情衝擊。香港業務方面,集團擁有壟斷優勢,而且規管不如港燈(SEHK:2638)、中電(SEHK:2)那麼嚴謹,分部表現過去一直較穩定。然而,疫市期間本地經濟活動受挫,旅遊業因防疫措施而大受打擊,本地餐飲業同樣受挫,導致工商業煤氣銷售量下跌,但留家趨勢下家居煮食需求增加,帶動住宅煤氣銷售量上升,抵銷工商活動不振的部分負面影響,但煤氣本地銷售量仍錄得近4%同比跌幅。

至於國內業務,城市燃氣項目的規管為煤氣帶來龐大優勢,因成功獲取項目後同樣可享長期壟斷地位。然而,疫情同樣對國內的工商活動帶來衝擊,變相影響工商業用氣需求,連同旗下港華燃氣(SEHK:1083),集團在上半年的總售氣量按年減少4%。

不過,疫情影響屬短中期因素,等到疫情受控,本地經濟活動重振、國內工業活動復甦,燃氣需求料將重拾增長,國內持續降低碳排放及推動清潔能源的大趨勢下,集團的長線增長空間依然吸引。

非核心收益項目潛力大

煤氣經營燃氣業務之餘,更從事新興環保能源業務。旗下易高環保在香港擁有不少穩定的收益來源,如航空燃油儲存庫、堆填區沼氣應用等長做長有的生意。在國內,易高更積極於發展新能源項目,其中將非食用生物油脂轉化成先進生物燃料的項目更已確立量產可行性,有望在下半年投產,分部或可踏入規模經濟階段,盈利能力將顯著改善。

值得一提的是,煤氣亦是香港黃金地段寫字樓物業——國際金融中心的擁有者之一,惟物業租金收入在疫市受挫,反映企業成本控制意識提高,不利高端寫字樓物業的租賃表現。物業估值變動更為集團帶來了減值虧損,煤氣所佔投資物業估值變動減少約3億元。不過,此屬非現金項目,優質物業的長線升值潛力依然吸引,短期波動不足為懼。

結語

儘管煤氣受疫情影響而錄得業績倒退,集團旗下業務的長線前景依然穩定。

編輯:Yan

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!