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匯證:中電(0002.HK)財務穩健 維持“買入”評級
格隆匯 02-25 16:06

匯證發表研究報告指,中電(0002.HK)去年盈利雖然減少,但去年每股股息按年增長2%,加上澳洲發電廠的運營問題已得到解決,以及印度的電力投資組合正在轉移重點,穩健的財務狀況應該支持股息分派,因此維持“買入”評級,以及目標價95港元。

該行指,中電核心盈利按年下跌20.5%,是由於香港准許回報率下調,以及印度和澳洲業務的影響。集團扣除非現金項目後的調整後當前營業收入按年下跌19%,全年每股股息為3.08港元,符合該行預期。

該行續指,香港的准許回報率下調是可以預期的,同時由於與政府簽訂了明確的15年雙邊固定資產回報率的雙邊合同以及資產增長,集團的可見性得以提高。另外,澳洲業務的弱點應該將會觸底,而內地和印度的業務都具有增長要素。

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