里昂升中电(0002.HK)评级至“跑赢大市”目标价上调至89港元
里昂报告指中电(00002.HK)上半年经调整利润按年下跌21%,主要业务的盈利录大幅下跌。由于受准许回报率下降影响,香港业务的盈利按年下跌23%;澳洲业务的盈利按年下跌30%,主因是能源业务受到两个主要发电厂问题影响。

虽然盈利表现疲弱,但公司仍继续增加派息,中期每股派息按年增长3.3%,派息比率约65%,里昂相信长远股息有增长空间。同时,公司拥有强劲的资产负债表,容让公司持续投资推动增长。
该行将中电的目标价由原先75港元提升至89港元,相当於明年预期市盈率18倍,比起平均有约15%溢价,这是基於其稳定、具防守性及不断增长的股息,尤其是在利率向下及艰难的宏观环境而言。若大市仍表现疲弱,相信中电的表现将跑赢,将其投资评级由原来的“沽售”提升至“跑赢大市”。
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