大和:升港燈(2638.HK)目標價至8.35港元 評級“優於大市”
大和總研發表研究報告指,港燈(2638.HK)在武漢肺炎疫情期間具防守性,認為其2019-2021年的股息將保持穩定。該行又指,市場可能進一步降息,預測在2019-2021年間擴大40個基點的收益差額,因此將其目標價由7.35港元,調升13.61%至8.35港元,評級由“持有”調升至“優於大市”。
大和指,在2003年非典型肺炎疫情期間,港燈的母公司電能實業(0006.HK)回報率為6%,對比恆生指數錄12%跌幅。
大和又指,公司的鉅額資本支出或會支持盈利和股息,其2019-2023年資本支出對比2014-2018年增長104%,推動盈利增長,預計其2019年資本支出達47億。該行並調高公司2020-2021年度每股盈利預測2%,以反映利息成本節省。

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