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大行评级｜花旗：下调润燃目标价至26港元 维持“买入”评级

Bank Rating | Citibank: Lowering Runrun's target price to HK$26 to maintain a “buy” rating

Gelonghui Finance ·  Apr 6 23:01

Citi published a report, lowering Runran's net profit forecast of 9% to 10% from this year to 2026, mainly based on additional annual depreciation expenses of 350 million yuan for the Chongqing gas supply project since last year, as well as other revenue reductions, which cannot be covered by financial cost cuts. The bank also lowered its target price for Runrun from HK$28 to HK$26, maintaining a “buy” rating. Citi pointed out that it was surprising that Runrun spent an additional 350 million yuan in depreciation expenses each year, but the expenses were non-cash, and the cash profit margin since this year still seems to be ahead of the full-year guideline. The bank also said that the current price of the stock is equivalent to 9.7 times the predicted price-earnings ratio for this year, 1.2 times the market account ratio, and the dividend ratio of 5.4%. The valuation is not too high.

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