摩根士丹利表示，市场已预期在宏观疲弱及液化天然气价格高企下，中国今年天然气使用量增长放缓，关税问题逆转天然气成本下降的正面预期。该行料新奥能源(02688.HK) 有价值重估潜力，因其股息吸引及市场忽视的增长动力。
该行在然气股中最偏好新奥能源，基于8倍市盈率及6.5厘股息率的吸引估值；较高的综合能源及增值业务比例，能在行业放缓下提供较同业更多的增长支撑；而且今年有潜在的液化天然气交易收益。
该行下调对润燃(01193.HK) 评级至“与大市同步”，反映对基本因素的短期忧虑。上调对昆能(00135.HK) 至“增持”，认为其防守性在行业放缓中具优势。
下表为该行对燃气股的最新投资评级及目标价：
股份│投资评级│目标价
新奥能源(02688.HK) │增持│73.5→71.6元
昆仑能源(00135.HK) │与大市同步→增持│8.6→9.1元
华润燃气(01193.HK) │增持→与大市同步│34.1→30元
中国燃气(00384.HK) │与大市同步│7.6元
中华煤气(00003.HK) │与大市同步│6.4→6.2元
相关内容《大行》中银国际降煤气(00003.HK)目标价至7.11元 股息率吸引评级“买入”
(fc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-19 12:25。)
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