星展研究报告指，基于关税的不确定性以致行业疲弱，该行料中国燃气(00384.HK) 2026及27财年的城市天然气销量仅有低单位数增长。不过，燃气采购成本下降以及成本转嫁机制，令每单位毛差(dollar margin)维持上行趋势，有助抵消因地产行业低迷引致的接驳费用下降；该行料集团的盈利增长主要来自增值服务经营利润升10%以上。而集团2025财年自由现金流水平创新高，加上资本开支减少等，有助支持未来每股派息0.5元。
该行将26财年核心盈利预测下调16%，料核心盈利按年轻微下降，将于27财年反弹3.8%。目标价由7.3元下调至6.4元，评级由“买入”降至“持有”；而6.8%的股息率有助限制股价下行。(ss/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-02 12:25。)
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