《大行報告》瑞信上調新奧能源(02688.HK)目標價至105元 評級「跑贏大市」
瑞信發表研究報告指,新奧能源(02688.HK)上半年核心盈利為31億元人民幣,按升13.8%,大致符合預期,零售氣體銷售升4%,利潤擴張,綜合能源強勁增長,以及其他成本下降,足以抵銷疫情的影響有餘。
該行指,公司售氣利潤增至每立方米0.61元人民幣,主因進口液化天然氣(LNG)成本下降,全年利潤預期可擴0.02元,勝預期。全年氣體銷售增長預期由12-15%降至逾10%,即相等於下半年(增長逾16%)銷售有明顯改善。
該行又指,新接駁用戶數目受疫情影響,下降20%至100萬戶,全年數目預期亦由250萬降至230萬,全年核心盈利增長15%目標不變。
該行升2020-22年每股盈利預期0.4-1.8%,目標價由94元升至105元,評級「跑贏大市」。瑞信維持中國燃氣(00384.HK)行業首選地位,因其估值吸引(預測市盈率11倍)。
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