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中電(00002.HK)彈2.5%挑戰10天線中績後仍獲花旗及美銀美林升價
阿思達克 08-07 14:23

因為澳洲售業務商譽大額減值導致中績盈轉虧但仍增加派息的中電(00002.HK)仍獲花旗及美銀美林分別略升價至93元及106元,該股繼昨午逆市由逾一年低位81元掉頭回穩後,今天挑戰10天線(84.87元),最高見84.85元,現造84.65元,回升2.5%,暫為表現第二強藍籌,成交增至536萬股,涉資4.48億元。

中電昨天中午公布,由於為EnergyAustralia零售業務商譽減值63.81億元,集團上半年業績盈轉蝕9.04億元(去年同期賺74.36億元),每股虧損36仙,但第二次中期股息按年增加3.3%至63仙。期內,總營收按年減少5.7%至438.38億元。上半年營運盈利按年降30.6%至54.74億元,反映香港准許回報率下調、出售印度業務部分股權及期內澳洲極具挑戰經營環境。中電指,EnergyAustralia賬面商譽減值是一項非現金項目,董事會對公司長遠及多元化發展抱有信心,加上資產負債表維持穩健,故上調將年度第一和第二次中期股息均上調至63仙。

美銀美林表示,若撇除一次性項目撥備,中電上半年持續經營利潤65億元高於該行預期,主要受惠印度、內地及東南亞業務表現勝預期,故該行上調中電未來三年每股盈測3%/1.9%/2.9%,目標價也由105元微升至106元,重申「買入」評級。該報告指,中電上半年淨負債對資本比率僅28.1%,料集團未來將會顯著提升於澳洲及印度投資以推動盈利能力。此外,隨著集團於粵港澳大灣區擴展業務,相信也可提升未來15年利潤管制計劃每股盈利年均複合增長率4%至5%。

花旗也指,雖然澳洲業務拖累中電上半年業績,但料下半年會有改善,且聯儲局減息有助推動中電估值,加上公司大部分盈利均來自本港,故將中電評級由「中性」上調至「買入」,目標價由91.5元升至93元。

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