《大行報告》野村上調新奧能源(02688.HK)目標價至137元 評級「中性」
野村發表的研究報告指,新奧能源(02688.HK)去年業績符管理層原先指引,期內核心溢利按年升18%至62億元人民幣(下同),去年天然氣零售銷售量按年僅升10.2%,而受疫情影響年內新開發天然氣家庭用戶跌4.3%,不過相關銷量下半年增長則加快至16%。受惠整合能源業務及增值業務帶動,毛利率升至20%,公司宣派每股特別息0.27元,末期息每股1.77元,合計每股派2.04元,意味派息比率36%。
管理層指引今年天然氣零售銷售量將升15%,而家庭用戶料將升5%至240萬戶,而核心溢利料將按年升15%。該行認為公司對整合能源業務及增值業務指引非常正面,估計能源整合業務收入可升59%至98%,至介乎80億至100億元,而增值服務毛利則可升最少30%。
該行將公司2021及2022年盈利預測升4%及8%,並已反映天然氣業務復甦的影響,估計能源整合業務及增值業務合計將貢獻22%及23%的毛利,該行將公司目標價由132元升至137元,評級「中性」。
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