《大行报告》野村下调中电(00002.HK)目标价至85.4元维持「中性」评级
野村发表报告指,由於就澳洲零售业务商誉减值63.81亿元,及香港业务准许利润回报下调等原因,中电控股(00002.HK)今年上半年业绩按年由盈转亏,录亏损9.07亿元。而集团将第二次中期股息增加3.3%至每股63仙,符合该行及市场预期。
该行表示,虽然中电近期在香港以外的市场面对挑战,但受惠於自由现金流具可持续性,因此对中电提供稳定增长派息的能力仍然有信心,预期集团2018年至2021年的派息年均复合增长率为3%。此外,中电今年的股息收益率料为3.8%,意味与美国十年期国债收益率的差距达约200点子,接近自1998年以来的历史高位。
以现金流折现率计,野村下调中电目标价,由93.9元降至85.4元,维持「中性」评级,估计盈利表现疲弱或使集团下半年的派息增长有限。香港公用行业中,该行推荐长江基建(01038.HK)。
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