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野村:料新奧(2688.HK)非常規業務將成新增長引擎 降目標價至99港元
格隆匯 03-17 12:26

野村發表研究報告指,新奧能源(2688.HK)去年核心盈利按年增長18%至53億元(人民幣.下同),合符管理層年度增長指引介乎15-20%的目標。儘管新冠肺炎疫情及宏觀經濟下行風險或令天然氣業務放緩,但相信兩大非常規業務包括綜合能源及附加值業務將成為公司今、明兩年主要增長引擎,重申其“買入”評級,但略降目標價4%,由103港元下調至99港元。

野村指,新奧能源去年純利為57億元,分別較市場及該行高出9%及16%,主要由於公司享有高科技税務優惠,令税率降至22%。然而,去年派息率降至30%,遠遜於該行估計的42%。該行又指,公司去年綜合能源及附加值業務毛利潤分別按年增長231%及126%,遠超於同期管道及天然氣銷售分別增長8%及10%。

野村認為,雖然新奧能源將今年天然氣銷售增長目標由15%,下修至12-15%,但該行仍上調公司今、明兩年盈利預測12%及10%,以反映税率下降的因素,並預期公司今年核心盈利及純利將分別錄得15%及14%的增幅。

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