《大行報告》大和升新奧能源(02688.HK)評級至「買入」 目標價維持101元
大和發表報告指,新奧能源(02688.HK)及新奧股份(600803.SH)公布了股權重組的進一步詳情,假設新奧能源的換股價為每股80港元,及新奧股份持股的澳洲能源商Santos的換股價為每股7.68澳元,新奧能源主席王玉鎖在該公司的32.81%持股,將轉換10.07%的Santos權益、新奧股份的16.3億新股,及29億元人民幣現金。
該行表示,股權重組後,王玉鎖在新奧能源的有效持股將由32.81%下降至23.5%,在新奧股份的權益則會由48.4%大幅增加至71.7%,而新奧能源基礎業務的基本面並沒有改變。
大和上調對新奧能源的股份評級,由「跑贏大市」升至「買入」,目標價維持101元。該行認為,新奧能源股價調整13%後的估值吸引,相當於明年市盈率預測13倍。預期是次公司權益的換股價,較其目前估值約明年市盈率14倍至16倍有8%至25%的溢價,而對比其A股同業現時估值約處15倍至30倍。若是次股權重組成功,大和相信對新奧能源的現有股東是正面,相反如果不成功,亦不會對公司的基本面帶來負面影響。
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