《大行報告》大和升中電(00002.HK)評級至「跑贏大市」 目標價上調至84元
大和發表研究報告,早前多家英國銀行,例如匯豐控股(00005.HK)及渣打集團(02888.HK)應英國銀行業監管機構要求暫停派息。該行預期,資金將會流向中電控股(00002.HK),因為它是恆指成分股中少有會分配季度股息的公司。因此將其投資評級由原來的「持有」上調至「跑贏大市」,雖然其基本面仍具有挑戰性,目標價由原來的81元上調至84元。
該行指出,公司的澳洲業務或在今年上半年惡化,由於去年7月引入淨零售電價監管變化,令公司的經調整本期營運收入(ACOI)在去年下半年錄額外5.34億元虧損,相信這對公司的盈利及現金流造成負面影響。
在2020至2022年,大和預期中電的經營現金流每年介乎210億至230億元,並預期公司將每年投入120億元在燃氣發電廠及香港的海上液化天然氣(LNG)接收站。因此,公司或會將在本港以外的資本開支限制在每年約10億至20億元,以維持每年最少有80億元派息。
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