野村:維持新奧能源(2688.HK)目標價103港元 評級“買入”
野村發表研究報告指,儘管環球經濟放緩影響天然氣使用量,新奧能源(2688.HK)首十月天然氣零售銷售量增長依然符合預期,按年增長15%,新客户對天然氣的需求有助抵銷舊客户對天然氣需求下降的情況,維持目標價103港元,予“買入”投資評級。
野村續指,隨着更多中國省市降低接駁費,新奧管理層表示接駁費下調對新奧影響有限,因管理層相信當地政府將會為各大天然氣公司的接駁費訂下基準。另外,管理層亦表示,新奧的營運現金流充以完全支付今年80億至100億元人民幣的資本開支,無須作額外融資。
野村表示,管理層再次強調具強勁增長潛力的綜合能源業務為重點業務,看好其長遠發展,野村預期綜合能源業務於2019年至2020年的年複合增長率(CAGR)為90%,將於2019/2020年度貢獻4%毛利。
野村稱,管理層指若俄羅斯的天然氣於明年供應往河北或上海,最終新奧將會因此而受惠。

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