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摩通降长建(1038.HK)评级至“中性”较看好电能(0006.HK)
格隆汇 08-12 11:23

摩根大通发表研究报告,指长江基建(01038.HK) 及电能实业(00006.HK)过去十年透过并购增加其盈利,不过,现时澳洲及英国等国家趋向保护主义,两间公司较难赢得大型交易。与此同时,由於英国和澳洲监管机构削减规管回报,两间公司公用事业项目的现金流将自2020年起下降。

该行将长建及电能2019至2021年每股盈利预测下调10%至20%,长建目标价由66.7港元降至60港元,电能目标价则由57.4港元降至55港元,以反映削减规管回报因素。摩通将长建评级由“增持”降至“中性”,电能评级维持“中性”,两者中较看好电能,因为股息回报率达5.1%,较长建的4.2%水评为佳。

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