摩通:升新奧能源(2688.HK)目標價至102.5港元 評級“中性”
摩通發表研究報告表示,將新奧能源(2688.HK)評級由“增持”下調至“中性”,上調目標價近一成,由93.3港元升至102.5港元。
該行表示,下調集團評級,主因該股股價過去三個月分別跑贏國指及同業24%和約15%,目前股價反映其天然氣銷量呈V形復甦、利潤穩定以及綜合能源領域收入翻一番。至於上調目標價,是反映中石油天然氣價格下調後,預計天然氣銷售毛利率將超過預期。
不過,該行認為其股價上升潛力有限,因市盈率為14倍,接近歷史平均水平16倍。在該行業中,該行表示,看好崑崙能源(0135.HK)的估值吸引,市盈率為6倍,以及華潤燃氣(1193.HK)的併購潛力。
該行上調對新奧能源2020至2022年每股盈利預期2至4%,以反映2021至2022財年天然氣成本下降及銷量增長。

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