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《大行報告》美銀證券上調新奧能源(02688.HK)目標價至80元 評級「跑輸大市」
阿思達克 03-28 09:36
美銀證券發表研報指,新奧能源(02688.HK)管理層預期今年每立方米天然氣銷售單位利潤率將回升2美分,實現經常性每股盈利約10%增長。 該行憧憬天然氣行業改革政策促進競爭,有助降低壓低原本由獨家特許經營企業壟斷所設定的價格水平。隨著燃氣滲透率超過60%至65%,美銀相信競爭將會加劇,當中燃氣直銷將為大型燃氣用戶提供更低的燃氣採購成本,同時分銷商將轉型為綜合能源或增值業務等新業務,不再堅持穩定的天然氣銷售單位利潤率或持續的連接業務利潤增長,而是專注於綜合能源業務的發展。 惟美銀預期,隨著競爭者加入綜合能源產業,項目利潤率及投資資本回報率將降低。該行將新奧能源今明兩年每股盈利預測上調0.3%及0.9%,目標價由76.5元提升至80元,重申「跑輸大市」評級。
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