智通财经APP获悉，交银国际发布研报称，基于10.5倍2025年市盈率，将昆仑能源(00135)目标价略为下调至9.02港元。目前公司2025/26年股息率约为5%。该行认为新奥能源(02688)获以约12倍2025年市盈率的代价作私有化的方案对燃气板块的估值带来提升的可能，目前公司9.1及8.5倍2025/26年预测市盈率仍有重估的空间，维持“买入”评级。该行下调公司2025/26年盈利预测3.7%及5%，以反映对经营开支预测的变动。该行预期公司2025/26年盈利同比增长8.5%及7.3%。
报告指，公司2024年核心盈利同比增长3.5%，略低于该行预期2%。2024年公司零售气量同比上升8.1%，符合该行预期，全年售气毛差为每方0.47元人民币，较上半年0.45元人民币有明显改善，该行认为是民用气顺价比例提高及工商业气量占比高于预期。公司全年分红比例同比提高3个百分点至43%，符合管理层指引。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.