《大行報告》高盛降新奧能源(02688.HK)目標價至170元 股價調整過度 維持「 買入」評級
高盛發表研究報告指,新奧能源(02688.HK)中期核心盈利按年增長18%,大致符合預期,但業績公布後股價卻回落13%,對比同期恆指升2.5,認為是由於液化天然氣價格上漲或進一步壓低燃氣銷售價格;上半年增長部分源於去年低基數,市場憂慮下半年天然氣銷售增長可能會放緩;加上近期股價上升後估值偏高,所以有所回落。
惟該行表示,全年價格疲軟的影響可能很大程度被強勁接駁業務收入所抵銷,促進盈利穩健增長。高盛又指,注意到新奧能源將年度零售天然氣銷量目標從15%上調至20%,意味著上半年低基數影響正在減弱,但下半年銷量仍可增長約18%。
高盛預期目標可實現,考慮到公司的工業和商業客戶群產能增長15%,及全年收購項目,均推動全年收入增長。該行將2021至2025年淨利潤預測下調1%至4%,以反映低於預期的天然氣銷售價格,但認為股價回調過度,維持「買入」評級,目標價由176元降至170元。
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