《大行報告》高盛首予中電(00002.HK)「中性」評級目標價90元
高盛發表研究報告,首予中電控股(00002.HK)「中性」評級,目標價90元。報告稱,中電是成熟泛亞洲公用企業,擁有高質素的香港業務,其內地低碳能源組合正在擴張,及具有澳洲首三大電力零售組合之一。高盛料今年中電經營盈利按年跌6%,源於本港利潤管制協議下准許回報上限降至8%,低於過去十年的10%上限;以及澳洲經營環境具挑戰。
不過,該行料中電仍可以持續提升本港資本開支,擴大廣東核能發電規模,並在明年盈利將趨於穩定,料按年大致持平。另考慮中電現金流強勁,及其謹慎規劃資本開支,高盛料中電未來有能力穩定增加派息(收益率料介乎3%至4%,每股派息三年年均複合增長料3.5%)。
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