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瑞信升中电(0002.HK)评级至“中性”目标价上调至84港元
格隆汇 07-26 11:51

瑞信发表报告表示,中电控股(00002.HK)今年以来股价较同业或市场分别跑输10%或12%,但相信公司今年大部分不利因素已反映出来,包括香港发电业务准许回报率下调及澳洲零售业务疲弱,该行决定将中1电投资评级,由“跑输大市”升至“中性”,目标价由70港元上调至84港元,此按现金流折现率作估值。

该行指,中电6月份发中期盈警,预料为澳洲业务拨备60至70亿元。但据管理层披露,该一次性损失属非现金项目,而该行亦不预期会影响中电派发股息的财务能力。

瑞信称,中电债券股息收益率价差现时约170基点,较2001年至2008年历史平均水平约120基点为高。虽然该行对中电2019年度盈利预测料按年疲弱,但相信中电仍会设法於首季将每股中期股息增加3%。

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