華潤燃氣(1193) vs 港華燃氣(1083)

早一陣子比較過幾隻燃氣股。在aastocks上1083的ROE只有1193的一半，而至1083看上去估值超貴。今仔細看了一下年報，原因應該是1083的資產中有一大部分是商譽。用以下DuPont model減去商譽(綠色部份)重新計算，1083和1193的營利能力差不多。

而且1083是up-trend，加上可預期中華煤氣的分紅方式，應該1083比1193好。有機會會換馬。

		Current		2009	2010	2011	2012	2013
港華燃氣		1083.hk
Price		8.02	7.96
PE		20.18		80.44	48.93	30.09	25.36	19.28
P/B		3.17		3.31	2.49	2.22	3.44	3.17
MarketCap(Million)		21,324,531	21,485,269
1) Turnover	thousand			2,905,953	2,981,420	4,321,344	5,183,466	6,715,709
2) Profit before tax & extra				414,214	626,248	1,033,536	1,235,548	1,608,852
3) Net profit to Com stock				265,090	435,797	708,754	840,798	1,106,286
4) Com stock Equity				6,433,588	8,563,437	9,615,314	6,196,751	6,733,629
5) Total Assets				11,330,417	14,882,799	18,183,406	16,970,319	19,831,002
A) Leverage 槓干比				176.11%	173.79%	189.11%	273.86%	294.51%
B) Turnover to Assets %				25.65%	20.03%	23.77%	30.54%	33.86%
C) Profit Margin				14.25%	21.01%	23.92%	23.84%	23.96%
D) EBTax/Net				64.00%	69.59%	68.58%	68.05%	68.76%
Dupond = AxBxCxD = ROE				4%	5%	7%	14%	16%

		Current		2009	2010	2011	2012	2013
華潤燃氣		1193.hk
Price		22.35	22.45
PE		20.4		100.46	64.57	42.45	30.34	23.11
P/B		3.63		20.03	7.08	5.36	4.42	3.63
MarketCap(Million)		49,929,089	49,706,688
1) Turnover	thousand			4,824,772	9,705,327	14,208,046	13,621,787	22,288,027
2) Profit before tax & extra				627,242	1,366,969	2,147,702	2,568,817	3,810,861
3) Net profit to Com stock				496,998	773,202	1,176,268	1,645,543	2,160,945
4) Com stock Equity				2,492,165	7,048,196	9,318,659	11,296,483	13,772,983
5) Total Assets				12,055,906	23,586,189	24,844,175	37,280,166	50,071,839
A) Leverage 槓干比				483.75%	334.64%	266.61%	330.02%	363.55%
B) Turnover to Assets %				40.02%	41.15%	57.19%	36.54%	44.51%
C) Profit Margin				13.00%	14.08%	15.12%	18.86%	17.10%
D) EBTax/Net				79.24%	56.56%	54.77%	64.06%	56.70%
Dupond = AxBxCxD = ROE				20%	11%	13%	15%	16%

這個計算方法是從巴黎學來的。http://parisvalueinvesting.blogspot.hk/2010_05_01_archive.html