大和:下調中電(0002.HK)目標價至81港元 評級降至持有
大和發表研究報告表示,中電(0002.HK)年初至今股價累跌1%,表現跑贏同期恆指,因在新冠疫情及低息環境下,市場較鍾愛具防守性的股息收益股。不過該行認為中電澳洲業務受監管政策影響下將面對重大挑戰,而隨着香港利潤管制協議資本開支上升,每股派息的增長將受限,故將其目標價由88港元下調至81港元(下同),評級由“優於大市”降至“持有”。
該行預計,澳洲業務或於今年上半年轉差,受到電價的新監管政策轉變,將對中電盈利及現金流造成負面影響,料ACOI去年下半年錄得5.34億元虧損。該行預計中電於2020-22年每年營運現金流達210-230億元,在529億元的利潤管制協議資本開支下,每年將投入120億元於新燃氣發電機組及離岸浮動液化天然氣接收站,故若公司想保持最少每年派息80億元,每年只有約10-30億元以用作維修保養及本港以外的資本開支增長。
大和又將中電2020-21年每股盈利預測下調2%,以反映澳洲業務較預期表現疲弱,以及香港以外地區的監管風險上升。

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