《大行報告》美銀證券下調新奧能源(02688.HK)目標價至49元 第三季營運數據遜預期
美銀證券發表研究報告指,新奧能源(02688.HK)第三季營運數據遜預期,銷氣價差(dollar margin)按季下跌17%。撇除發電廠的天然氣銷量,商業和工業客戶的天然氣量增長正在改善,7月至9月按年分別增長1.1%、7.8%、8.4%。住宅成本轉嫁比率從6月的34%升至9月的38%。第三季綜合能源銷售按年僅增18%,而上半年則爲45%。
報告提到,集團維持2023財年綜合能源收入增長50%的指引,但將2023財年液化天然氣交易淨利潤指引由15億元人民幣下調至12億元人民幣。集團又維持期內核心利潤增長指引,並預計股息將按年持平。
該行重申集團的「跑輸大市」評級,目標價由56.2元下調至49元,預計2023至25財年的銷氣價差下降至0.49、0.47、0.46元人民幣。該行又將2023財年的綜合能源增長預測從50%下調至34%,天然氣銷售增長預測由負1.5%下調至負2.1%,下調2023至25財年每股盈測4%、13%、15%。
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