野村升新奥能源(2688.HK)目标价至103港元重申“买入”评级
野村发表研究报告指,虽然新奥能源(2688.HK)的零售销售燃气量增长放缓及毛利率持续受压,但该行认为公司目标提供多元化服务予现有客户,其综合能源业务及增值服务能长期达到增长,能抵销上述影响。该行重申其“买入”投资评级,上调目标价13.44%至103港元。
野村预测,综合能源业务及增值服务在2019及2020财年的利润增长分别达180%及16%,而两年占总毛利总额17%,相对2018年只占7%,而管理层则长期目标是能占三分之一总毛利总额。
另外,新奥能源的营运现金流强劲,该行认为其2019及2020财年的派息比率可分别达42%及43%。而公司的接驳费占总毛利额有所改善,该行料其比例会在2019及2020财年继续分别下跌至29%及27%。
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