一表歸納大行對中電(00002.HK)於業績後最新目標價及觀點
中電控股(00002.HK)今早股價靠穩，公司昨午(6日)公布截至今年6月底止中期業績，營業額438.38億元，按年跌5.7%。計入Energy Australia的零售業務商譽減值63.81億元後，盈轉虧蝕9.07億元，上年同期賺74.36億元；每股虧損0.36元。派第二期中期息0.63元，上年同期派0.61元。公司目標保持未來派息穩定，以降本增效保持澳洲業務競爭力。
【因商譽減值 中期盈轉虧】
野村發表報告指，中電今年上半年業績按年由盈轉虧，而集團將第二次中期股息增加3.3%至每股63仙，符合該行及市場預期。該行表示，雖然中電近期在香港以外的市場面對挑戰，但受惠於自由現金流具可持續性，因此對中電提供穩定增長派息的能力仍然有信心，預期集團2018年至2021年的派息年均複合增長率為3%。以現金流折現率計，估計盈利表現疲弱或使集團下半年的派息增長有限，維持「中性」評級，但將目標價由93.9元降至85.4元。
美銀美林表示，中電在上半年的淨負債對資本比率僅為28.1%，預期集團未來將會顯著提升在澳洲及印度的投資，以推動盈利能力。此外，隨著集團在粵港澳大灣區擴展業務，相信可提升未來15年利潤管制計劃每股盈利年均複合增長率4%至5%。
本網最新綜合7間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
美銀美林│買入│105-106元
花旗│中性│91.5元
野村│中性│93.9-85.4元
摩根士丹利│與大市同步│85元瑞信│中性│84元大和│持有│84元
高盛│中性│81.8元券商│觀點
美銀美林│中電旗下印度業績重建開始，料未來可保持派息增長
花旗│對中電上半年商譽減值錄淨虧損為意料之內
野村│海外業務面臨挑戰，料下半年派息增長有限
摩根士丹利│中電上半年業績遜預期
瑞信│減值錄上半年業績淨虧損，但仍保持股息增長
大和│上半年調整後利潤按年跌21%勝預期
高盛│澳洲業務商譽減值淨虧損下仍保持股息增長
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