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瑞信:升中電(0002.HK)評級至“跑贏大市” 目標價上調至95港元
格隆匯 09-27 10:35

瑞信發表的報告表示,今年以來中電(00002.HK)股價表現跑輸同業7%,並跑輸大市12%,相信其風險回報已變得較吸引,公司旗旗下澳洲零售業務利潤見底或可帶來潛在的上行驚喜,此外受惠低息環境其股息率亦變得吸引,將中電評級由“中性”升至“跑贏大市”,2020至2021年每股盈測上調約3%,目標價由84港元升至95港元,此按現金流折現率作估值。 

該行指出,今年上半年中電錄9.07億元淨虧損,主要受澳洲零售業務政策轉變所帶來的一次性減值虧損所拖累,正面來看今年次季每股派息按年增長3%至0.63元,增長幅度與首季相同,而公司自2011年起其股息亦維持着正面增長。

瑞信指出,公司旗下澳洲零售業務利潤水平應會在2020財年見底,而七月份價格重整亦反映了在新政策及持續的審查下,定價上仍有自由。

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