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野村:维持新奥能源(2688.HK)目标价103港元 评级“买入”
格隆汇 12-05 16:27

野村发表研究报告指,尽管环球经济放缓影响天然气使用量,新奥能源(2688.HK)首十月天然气零售销售量增长依然符合预期,按年增长15%,新客户对天然气的需求有助抵销旧客户对天然气需求下降的情况,维持目标价103港元,予“买入”投资评级。

野村续指,随着更多中国省市降低接驳费,新奥管理层表示接驳费下调对新奥影响有限,因管理层相信当地政府将会为各大天然气公司的接驳费订下基准。另外,管理层亦表示,新奥的营运现金流充以完全支付今年80亿至100亿元人民币的资本开支,无须作额外融资。

野村表示,管理层再次强调具强劲增长潜力的综合能源业务为重点业务,看好其长远发展,野村预期综合能源业务于2019年至2020年的年复合增长率(CAGR)为90%,将于2019/2020年度贡献4%毛利。

野村称,管理层指若俄罗斯的天然气于明年供应往河北或上海,最终新奥将会因此而受惠。

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