星展：降新奥能源目标价至64.5港元 维持“持有”评级

Core Viewpoint - DBS released a report indicating that New Oriental Energy (02688) experienced a domestic profit growth of less than 1% in the first half of the year, which was below expectations, while maintaining an interim dividend of HKD 0.65 per share [1] Group 1: Financial Performance - The overall growth outlook for the group is slowing, leading to a downgrade in the target price from HKD 68 to HKD 64.5 [1] - The revenue growth forecasts for the Industrial Engineering (IE) and smart home businesses have been reduced by 11 percentage points and 10 percentage points, respectively [1] Group 2: Profit Forecast Adjustments - Domestic profit forecasts for 2025 and 2026 have been lowered by 4% and 8%, respectively [1]