《大行報告》匯豐研究升電能(00006.HK)評級至「買入」 降長建(01038.HK)至「持有」
匯豐環球研究發表報告指,長江基建(01038.HK)及電能實業(00006.HK)今年上半年純利分別按年下跌52%及40%,撇除一次性和非現金項目,包括英國稅率改變導致的遞延稅項結餘調整、去年上半年的出售收益,及匯率變動,估計兩企經常性核心盈利按年分別下跌13%及9%。另外,兩企中期派息均按年持平,符合該行預期。
該行上調電能股份評級,由「持有」升至「買入」,目標價由48元升至49元,以反映現金流清晰,因非監管業務的風險較低,及旗下港燈(02638.HK)有結構性增長。至於長建評級由「買入」降至「中性」,目標價由53元降至43元,主因今年面對宏觀憂慮的波動性增加,而且缺乏併購機會作為股份催化劑。
於長建集團中,匯豐研究最推薦港燈,因其業務全在香港而有固定的准許回報,有最高的防守性。該行對港燈評級為「買入」,目標價8.8元。
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