大行評級|大摩:燃氣股中最偏好新奧能源 預計其有價值重估潛力
摩根士丹利表示,市場已預期在宏觀疲弱及液化天然氣價格高企下,中國今年天然氣使用量增長放緩,關稅問題逆轉天然氣成本下降的正面預期。該行料新奧能源有價值重估潛力,因其股息吸引及市場忽視的增長動力。該行在燃氣股中最偏好新奧能源,基於8倍市盈率及6.5釐股息率的吸引估值;較高的綜合能源及增值業務比例,能在行業放緩下提供較同業更多的增長支撐;而且今年有潛在的液化天然氣交易收益。
該行下調對華潤燃氣評級至“與大市同步”,反映對基本因素的短期憂慮;上調對崑崙能源評級至“增持”,認爲其防守性在行業放緩中具優勢。
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