《大行報告》大摩升中電(00002.HK)評級至「增持」 調整中電、長建及電能目標價
摩根士丹利發表報告,相信香港真正防守資產的價值,認為在長期的低息環境和股息收息率差距處歷史高位;香港企業及環球公用股宣派的股息令人意外;及隨著全球多元化,和香港以外地區監管風險增加令防禦性降低的情況下,香港公用股的高質素利潤管制協議及派息能見度,可使股份繼續獲向上重評。
該行上調對中電(00002.HK)股份評級,由「與大市同步」升至「增持」,目標價由85元升至95元。長江基建(01038.HK)目標價由54元降至50元,評級維持「與大市同步」。電能(00006.HK)目標價則由57元降至53元,同樣維持「與大市同步」評級。
大摩認為,中電股價年初至今已跑贏大市13.9%,主因其防守性質,在香港的住宅和商業需求較其他國家更具韌性,及新的8%利潤管制協議年期遠至2034年下,料中電的表現可繼續跑贏。
至於長建及電能,自2016年6月宣布英國脫歐以來,兩企表現跑輸以香港為基地的中電及港燈(02638.HK)約37.7%至51.7%,及跑輸恆指分別34.4%及31.7%。雖然脫歐在今年1月終於解決,主要不明朗性去除,但長建及電能今年至今表現仍然繼續跑輸中電及港燈。由於長建及電能海外業務較多,未來有管制回報重設風險,及近期的收購回報較低,該行繼續較為偏好中電及港燈,對港燈評級為「增持」,目標價8.6元。
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