《大行報告》大和升電能(00006.HK)評級至「跑贏大市」目標價上調至57.9元
大和發表報告表示,電能實業(00006.HK)於8月1日公布中期業績後股價跌2%,純利和核心盈利分別跌8%及3%,不過仍然認為公司仍然是傳統防守型股票中最好表現的股份,而在未來經濟下行的情況下,防守型的股份亦是看好的類別。
該行指,電能管理層重申長遠穩定派息為每股2.8元,加上該行預期公司的股息率可於明年擴0.6個百分點至2.9%,高於其平均值,而且相信母企長江基建(01038.HK)出售的可能性低,因長建可以4.8至5%的利息發行永續債,足以應付收購,公司亦指不會暫停收購項目。
大和指,預期電能2019至2021年股息率可達5.1%,高於同業2-4%,降每股盈利4%,以反映英國能源網路的盈利減少,但仍決定上調對電能的投資評級,由「持有」升至「跑贏大市」,目標價由54元升至57.9元,以反映海外業務的利息成本降低,以及派息前景。該行估計電能於2019年至2021年每股全年派息均為2.8元。
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