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瑞信:檢視中港公用股 料有三大途徑創造價值
格隆匯 09-27 11:31
瑞信發表報告指,公用股面對需求表現具挑戰性及投資減少,相信內地公用股將審視其資本開支策略,並專注於為股東創造價值。該行指出,過去九個月內有3間公司表示將會提升派息比率,另外兩間則會限制資本開支。
該行根據潛在加派息機會、管理資本開支、現金流是否強勁及資產負債表是否穩健等方面進行評分,其中北控(0392.HK) 及潤電(0836.HK) 於有關評估中取得滿分,並最具有加派息潛力。其次為潤燃(1193.HK) 及中電(0002.HK) ,其中中電評級獲調升至“ 跑贏大市 ”。
除了股息外,尚有兩項途徑創造價值,分別為私有化潛力及在有利可圖的業務上作出投資。該行指,除已公佈計劃私有化的華能新能源(0958.HK) 外,龍源電力(0916.HK) 亦有機會私有化。中國燃氣(0384.HK) 、新奧能源(2688.HK) 及信義光能(0968.HK) 具有核心業務增長潛力,其資本開支計劃具盈利能力,並可維持有質素之增長。煤氣(0003.HK) 則重申“ 跑輸大市 ”評級。
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