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花旗:重申中電(0002.HK)“買入”評級 視為香港公用股首選
格隆匯 01-13 15:38
花旗發表報告指,上週五(10日)與中電控股(0002.HK) 管理層會面後瞭解到,其香港業務資產回報率達8.24%,資產規模或在2019至2023年每年平均增長4%,因此相信其每股派息每年可增長4%,重申對中電的“ 買入 ”評級,並將其視為香港公用股首選。
報告指出,在高鐵通車及大型基建推動下,中電去年首九個月在港電力銷售未受社會事件所影響,按年增長1.8%。該行又指,雖然天然氣發電佔比增大,導致2020年底燃料賬料正轉負,錄赤字7.59億港元,但相信赤字可在日後轉嫁予客户,因此料不直接影響其盈利。
同時,中電澳洲兩家發電廠於去年11月下旬起恢復投產,以及印度輸電項目內部回報率達12%至14%,均對其去年度業績有利。花旗以現金流貼現方式估算中電目標價為93港元,並預期加權平均資本成本達7.1%。

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