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花旗:重申中电(0002.HK)“买入”评级 视为香港公用股首选
格隆汇 01-13 15:38
花旗发表报告指,上周五(10日)与中电控股(0002.HK) 管理层会面后了解到,其香港业务资产回报率达8.24%,资产规模或在2019至2023年每年平均增长4%,因此相信其每股派息每年可增长4%,重申对中电的“ 买入 ”评级,并将其视为香港公用股首选。
报告指出,在高铁通车及大型基建推动下,中电去年首九个月在港电力销售未受社会事件所影响,按年增长1.8%。该行又指,虽然天然气发电占比增大,导致2020年底燃料账料正转负,录赤字7.59亿港元,但相信赤字可在日后转嫁予客户,因此料不直接影响其盈利。
同时,中电澳洲两家发电厂于去年11月下旬起恢复投产,以及印度输电项目内部回报率达12%至14%,均对其去年度业绩有利。花旗以现金流贴现方式估算中电目标价为93港元,并预期加权平均资本成本达7.1%。

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