《大行报告》摩通下调公用股目标价 升长建(01038.HK)评级至「增持」
摩通发表研究报告,指长江基建集团(01038.HK)今年以来股价跑输大市12%,相信因为外汇贬值及海外监管重设带来的负面因素已大大反映在股价中。公司有充足的自由现金流,介乎70至80亿元,足以应付其每年约60亿元的股息。自由现金流收益率目前为7%,股息收益率为6.2%,是历史新高水平,并较同业平均4.7%水平为高,亦高於10年期美国国债约550个点子。该行下调长建2020年每股盈测12%,并将其投资评级由「中性」上调至「增持」,目标价由60元下调至48.5元。
另外,基於中电控股(00002.HK)香港业务具防守性,重申其「增持」投资评级,目标价由100.5元降至90.8元。该行维持电能实业(00006.HK)「中性」投资评级,目标价由55元降至47.1元,因为看到其自由现金流约50亿元,而其派息约需60亿元,因此未来有削减派息的潜在风险。该行投资首选长建,其次是中电,然後是港灯(02638.HK)。
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