大和对香港公用股看法升至“正面”首选电能(0006.HK)粤投(0270.HK)
大和发表的报告指,对香港本地公用股看法由“
中性
”提升至“
正面
”,认为近期香港发生的部分事件令资金对收息股兴趣增加,包括是房托等,而中华煤气(0003.HK)
及粤海投资(0270.HK)
两只股份分别是2017及2018年股价表现最好,相信将继续带领
香港
本地公用股表现,而美国潜在减息亦有机会继续支持行业跑赢大市,当中长江基建集团(1038.HK)
决定重启英国Northumbrian Water水务项目后股价已追上,该行首选为粤海投资及电能实业(0006.HK)
。该行指出粤海投资的资产负债表和经营现金流强劲,预期到2021年前每股派息可按年增10%,而人民币汇价影响中性,因为公司供港的水务协议是以港元计算,而成本则以人民币计算。受英镑贬值及脱欧忧虑影响,电能实业年度经营现金流及股息收益下跌,但该行估计其每股派息仍可维持在2.8港元。而香港中华煤气方面每两年加价一次,对上一次加价为今年8月,估计经历今年内地公用表现及新能源业务利润弱势,股价应现重估。
该行指出,市场普遍认为社会部分事件
将拖累
香港
本地公用股表现,但该行认为行业具防守性,水业务方面已有合约绑定,电价方面已有利润管制协议及2019-23年的资本开支计划,而煤气价格则刚刚加价。
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