《大行報告》里昂上調港燈(02638.HK)評級至「跑贏大市」 目標價升至8.35元
里昂發表報告指,港燈(02638.HK)的8%固定資產回報上限將維持至2033年,為投資者提供穩定性及可見度,由於法例規定大部分運營成本及稅項可完全轉嫁予客戶,因此融資成本將成為影響其股本回報率的關鍵因素,預期香港下調基本利率50個基點,相當於公司盈利及派息可提升3%。
報告指出,雖然港燈有三分之二借款為固定利率,但由於剩餘借款與Hibor/ Libor相關,純利及股息非常受利率所影響,預期港燈未來幾年資本支出增加,有很大需要增加借款,料可受惠於低息環境。以港燈最新的10年期3.2億港元債計,固定息率為2.4%,比現有債務平均息率約3.7%及約2.8%的總現存貸款成本都要低。
里昂將其評級由「跑輸大市」上調至「跑贏大市」,並提高其2020至2021年盈測約5%至6%,目標價由7.4元上調至8.35元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.