《大行报告》瑞银下调中电(00002.HK)目标价至95元 评级「买入」
瑞银发表报告,将中电(00002.HK)2020至2022年的盈利预测下调6至8%,并将目标价由原来的100元下调至95元,投资评级「买入」。虽然该行早前强调的催化剂—澳洲发电厂恢复营运,已经实现,但有新数据显示其批发电价的下跌幅度超过了预期。
然而,在低息环境下,仍对中电抱正面的态度,其股息收益率相对於美国十年期债息收益率相差3%,创过去十年来的新高。该行目标预期中电2020至2023年的每股盈利年复合增长率为4%,主要是由中电的香港业务所带动,而其国际业务盈利增长似乎仍会维持疲弱。
该行相信,在现时的低息环境以及全球进一步推出宽松货币政策的可能性,或会支持中电的股价。另外,亦认为公司有足够的自由现金流来支持2020至2023年的每股盈利年复合增长率达3%,以及派息比率约70%的健康水平。
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