大和:電能實業(0006.HK)派息持平符預期 維持優於大市評級
大和發表報告指,電能實業(0006.HK)去年純利按年跌6.6%至71.31億港元(下同);若撇除非經常性項目,核心純利則按年升2.8%至70.15億元。考慮到電能維持每股派息於2.8元水平,反映公司淨現金資產負債表仍強勁,因此予其“優於大市”評級,目標價為57.9元。
大和指,去年1月起實施新准許利潤回報率,香港市場盈利全年跌23.7%至7.77億元。來自英國業務的溢利貢獻則按年減少13.7%至34.89億元,佔電能經常性盈利之52%,下跌主要由於公司對UKPN的入帳轉為採取更保守的會計準則,以及去年英鎊兑港元貶值4%所致。
該行又指,電能去年每股派息按年持平,意味公司無法再維持漸進的股息增長,主因公司經營現金流為55億元,不足以支付每年達60億元的股息支出。

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