《大行報告》大和升新奧能源(02688.HK)評級至「跑贏大市」 目標價上調至63元
大和發表報告表示,將新奧能源(02688.HK)投資評級由「持有」升至「跑贏大市」,目標價由60元上調至63元。儘管對其2024至2025年每股盈測下調5至7%,但新奧能源有信心中長期實現核心利潤增長約10%目標,資本支出增長有限。公司現價相當於今年預測市盈率8.4倍,股息率5厘,估值吸引。
大和表示,在重新任命的王冬至領導下,新奧能源目標是燃氣銷量按年增長至少5%,每立方米毛利0.5元人民幣。浙江、湖南居民燃氣成本轉嫁亦支持單位天然氣銷售毛利復甦。基於管理層的指引,大和預期新奧能源今年核心利潤將年減少5%,但管理階層確保其每股派息維持在2022至2023年水平。
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