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《大行》摩通:新奧能源(02688.HK)即使私有化要約失效仍具價值 維持「增持」評級
摩通發表研究報告,指新奧能源(02688.HK)即使私有化要約最終失效,在目前水平仍具良好價值。該行相信市場已將要約不再延期的因素反映在股價中,而要約一旦延期則能為投資者提供價值。報告提及,新奧能源股價年初至今已累跌約25%,而同期國指僅跌約6%,反映燃氣行業基本面溫和,以及市場正消化私有化要約未必成功的預期。回顧去年,新奧能源因私有化憧憬而跑贏同業,但由於...
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《大行》摩通:新奧能源(02688.HK)即使私有化要約失效仍具價值 維持「增持」評級
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摩通發表研究報告,指新奧能源(02688.HK)  -0.500 (-0.958%)    Short selling $46.70M; Ratio 17.641%   即使私有化要約最終失效,在目前水平仍具良好價值。該行相信市場已將要約不再延期的因素反映在股價中,而要約一旦延期則能為投資者提供價值。

報告提及,新奧能源股價年初至今已累跌約25%,而同期國指僅跌約6%,反映燃氣行業基本面溫和,以及市場正消化私有化要約未必成功的預期。回顧去年,新奧能源因私有化憧憬而跑贏同業,但由於要約已延長超過一年,市場預期降溫,導致該股年初至今跑輸。

摩通指出,雖然難以判斷要約延期的可能性,但母公司推進私有化的誘因可能已較一年前減少。此乃由於液化天然氣(LNG)價格可能在更長時間內維持高企,使下游業務的價值不如以往。同時,母公司旗下的新奧股份(600803.SH)  -0.310 (-1.696%)   持有多份LNG合同,可從事更多國際貿易,因此要約中涉及新奧能源換取新奧股份的方案,其價值或已不及一年前。

該行提到,私有化要約的最後截止日期為本周五(12日)。雖然新奧集團有權延長要約時限,但若決定不再延期,要約可能失效。即使要約未能通過,該行亦認為股價下行空間有限。新奧能源承諾維持至少穩定的每股派息,即每股3港元,目前相當於5.8厘股息率。

摩通維持新奧能源「增持」評級,目標價68港元。(da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-10 16:25.) (A Shares quote is delayed for at least 15 mins.)

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