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《大行報告》摩通降新奧能源(02688.HK)評級至「中性」 目標價上調至102.5元
阿思達克 06-24 10:13
摩根大通發表報告指,新奧能源(02688.HK)股價在過去三個月跑贏國指及同業分別24%及約15%,因而下調集團股份評級,由「增持」降至「中性」。該行認為,新奧股份現價反映集團的天然氣銷量出現V型反彈(料由今年上半年的按年增長4.5%,加快至下半年的20%)、毛利率穩定,及綜合能源業務的收入倍升。

該行又上調新奧能源股份目標價,由93.3元升至102.5元,反映中石油(00857.HK)減氣價後,集團的天然氣銷售毛利率較預期為佳。不過因其股價目前相當於未來一年預測市盈率14倍,對比歷史平均為16倍,摩通認為上行空間有限。

另外,由於天然氣成本下降及明年和2022年的銷量料提升,該行將新奧今年至2022年的每股盈測調升2%至4%。

在板塊內摩通喜好昆侖能源(00135.HK),指估值吸引;以及喜好華潤燃氣(01193.HK),料近期配股後具併購憧憬,兩者均予「增持」評級。

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