一表归纳大行对中电(00002.HK)於业绩後最新目标价及观点
中电控股(00002.HK)今早股价靠稳，公司昨午(6日)公布截至今年6月底止中期业绩，营业额438.38亿元，按年跌5.7%。计入Energy Australia的零售业务商誉减值63.81亿元後，盈转亏蚀9.07亿元，上年同期赚74.36亿元；每股亏损0.36元。派第二期中期息0.63元，上年同期派0.61元。公司目标保持未来派息稳定，以降本增效保持澳洲业务竞争力。
【因商誉减值 中期盈转亏】
野村发表报告指，中电今年上半年业绩按年由盈转亏，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%。以现金流折现率计，估计盈利表现疲弱或使集团下半年的派息增长有限，维持「中性」评级，但将目标价由93.9元降至85.4元。
美银美林表示，中电在上半年的净负债对资本比率仅为28.1%，预期集团未来将会显着提升在澳洲及印度的投资，以推动盈利能力。此外，随着集团在粤港澳大湾区扩展业务，相信可提升未来15年利润管制计划每股盈利年均复合增长率4%至5%。
本网最新综合7间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
美银美林│买入│105-106元
花旗│中性│91.5元
野村│中性│93.9-85.4元
摩根士丹利│与大市同步│85元瑞信│中性│84元大和│持有│84元
高盛│中性│81.8元券商│观点
美银美林│中电旗下印度业绩重建开始，料未来可保持派息增长
花旗│对中电上半年商誉减值录净亏损为意料之内
野村│海外业务面临挑战，料下半年派息增长有限
摩根士丹利│中电上半年业绩逊预期
瑞信│减值录上半年业绩净亏损，但仍保持股息增长
大和│上半年调整後利润按年跌21%胜预期
高盛│澳洲业务商誉减值净亏损下仍保持股息增长
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