《大行报告》大和升新奥能源(02688.HK)评级至「买入」 目标价维持101元
大和发表报告指,新奥能源(02688.HK)及新奥股份(600803.SH)公布了股权重组的进一步详情,假设新奥能源的换股价为每股80港元,及新奥股份持股的澳洲能源商Santos的换股价为每股7.68澳元,新奥能源主席王玉锁在该公司的32.81%持股,将转换10.07%的Santos权益、新奥股份的16.3亿新股,及29亿元人民币现金。
该行表示,股权重组後,王玉锁在新奥能源的有效持股将由32.81%下降至23.5%,在新奥股份的权益则会由48.4%大幅增加至71.7%,而新奥能源基础业务的基本面并没有改变。
大和上调对新奥能源的股份评级,由「跑赢大市」升至「买入」,目标价维持101元。该行认为,新奥能源股价调整13%後的估值吸引,相当於明年市盈率预测13倍。预期是次公司权益的换股价,较其目前估值约明年市盈率14倍至16倍有8%至25%的溢价,而对比其A股同业现时估值约处15倍至30倍。若是次股权重组成功,大和相信对新奥能源的现有股东是正面,相反如果不成功,亦不会对公司的基本面带来负面影响。
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