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大和:上調中電(0002.HK)評級至“跑贏大市” 目標價升至88港元
格隆匯 12-20 11:28

大和發表研究報告,將中電控股(00002.HK)評級由“持有”上調至“跑贏大市”,目標價由84港元升至88港元。報告稱,本年至今中電股價累跌約8%,跑輸恆指15%,主因澳洲及香港業務乏力。即使中電在6月就EnergyAustralia零售錄60億至70億港元減值損失,該行仍維持對中電正面看法,料隨着Mt.Piper及Yallourn電廠恢復正常運作,批發價格利好及澳洲夏季不尋常炎熱天然,批發業務將迎來複蘇。

報告稱,中電修訂香港電費調整料不會影響受規管回報。明年中電淨電價料按年僅升2.5%,低於原先計劃的5.9%。即使電費加幅低於預期,該行料香港業務2021至2023年回報不受影響,因受規模529億元五年發展計劃所涉固定資產的准許回報上限8%所支持。

大和上修中電2020至2021年每股盈測約1%,以反映澳洲業務改善。

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