20150623-HSBC-昆仑能源(0135):REDUCE:WEAK_GAS_DEMAND,SHAANJING_IV_TIMING_AND_RAMP-UP_CLOUD_EARNINGS_OUTLOOK-669609

$昆仑能源(hk00135)$
Valuation and risks:We maintain our Reduce rating with TP of HKD7.2.Our TP is derived from the SOTP of DCF(WACC of 10% based on a risk-free rate of 3.5%,market risk premium of 10%,beta of 1.0,cost of debt of 3.5% and a 25% debt weighing)for the E&P business(HKD0.4 per share)and 8-12x 2015e PE target multiples for the gas related segments:gas sales(8x),LNG processing(10x),LNG terminal(10x),and pipeline business(12x).We think the target multiples are reasonable after referencing the trading multiples of other Chinese gas utility companies.Upside risks:sharp rebound of oil prices,supportive policy towards natural gas vehicles and execution of asset injections.
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*声明:文章为作者独立观点,不代表格隆汇立场

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