大和升港灯(2638.HK)评级至“持有”目标价上调至7.35港元
大和发表研究报告指,港灯(02638.HK)上半年纯利跌27.8%至7.09亿元,略逊预期,主因新的管制计划协议下,电力销售跌8.4%,及毛利率跌5.3个百分点。中期分派减20%至15.94仙,符预期。虽然全年分派可能减少20%,但预期未来十年分派会维持稳定。

该行指,公司计划2019-23年的资本开支为266亿元,以增加燃气发电的占比,公司预期南丫岛燃气电厂L10、L11及L12的建设分别於2020、2022及2023年完成。而其索罟群岛液化天然气站亦预期会于2022年商用;此外,公司及青山电力公司与Shell签订天然气供应协议,容许港灯扩大天然气供应,并以较具竞争力的价格采购液化天然气。
该行表示,因应美国减息预期,相信公司的股息具吸引力,基於利润管制协议,微调盈利预测,将评级由“跑输大市”升至“持有”,目标价由6.55港元升至7.35港元。
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