《大行報告》花旗升新奧能源(02688.HK)評級至「買入」 同業中市盈率最低ROE最高
花旗發表研究報告指出,由於新奧能源(02688.HK)上半年零售天然氣銷量意外下跌,以及盈利遜預期,拖累公司股價跌至2017年低位,並較2021年8月份的高位下跌69%,該行對公司評級由「中性」上調至「買入」,目標價83元。
該行認為,雖然新奧能源上半年天然氣銷量按年跌6.9%,帶來負面影響,但於7至8月份的銷量恢復增長,與內地天然氣消費量的正增長一致。儘管受液化天然氣交易收益減少拖累,公司2023至2024年核心盈利表現或相當平淡,但公司正向自由現金流,而派息率增加帶動股息率於2024年升至4.9%。
此外,該行指除新奧能源主席開始回購股份之外,對公司的正面催化劑還包括潛在的人事變動等。公司的2023年預測市盈率達7.4倍,為主要同業中最低,但股本回報率最高。
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