野村升电能(0006.HK)目标价至62.55港元评级“中性”
野村发表的报告指,电能(00006.HK)上半年纯利37.91亿元,按年跌8%,主要受汇率弱势及港灯(02638.HK)准许利润水平较低所拖累,预期受惠其资产负债表具防守性,即使公司参与潜在的电力设施并购,2019-2021财年公司全年派息亦可维持在2.8元的水平。该行指出2019年公司股息率为5%,是香港公用股中最高,相信已反映增长放慢及汇率风险因素,维持“中性”评级,目标价由56港元升至62.55港元,主要因为该行稍为上调了长期派息增长估算。

该行指出英国业务占公司上半年盈利的54%,并属盈利最大来源,期内英国业务盈利按年下跌17%,主要受弱英镑及不再确认一些非现金收入所影响。尽管英国脱欧仍存在不确定性,公司在英国的公用及基建资产仍具弹性。但该行认为长远而言监管当局或会受公众压力而需控制公用事务收费,到下次重新审视时准许利润水平或有下降的风险。该行将公司2019/20年每股盈利预测下调4%及3%,以反映上半年业绩及对港灯盈利预测下降。
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