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《大行報告》美銀證券下調中電(00002.HK)目標價至97元 評級「買入」
阿思達克 02-23 10:10
美銀證券發表研究報告,指出扣除一次性項目後,中電控股(00002.HK)2020財年經常性淨利潤按年下跌1.6%至111億元,較該行預期低2%。香港及澳洲業務表現勝預期,其他地區則遜預期。香港區的經調整本期營運收入(ACOI)按年升3.7%,較該行預期高2.2%;中國內地的ACOI下跌2.2%;澳洲的ACOI跌12.4%,但仍勝該行預期7%;東南亞及台灣旳ACOI則升15.2%;印度ACOI按年跌14.3%。

該行重申公司「買入」投資評級,預期2021財年的每股盈利升7%,而每股派息料相應增加,以慶祝其120周年。另外,在利潤管制的情況下,盈利年複合增長率料穩定在約3%。澳洲業務亦潛在擴展至抽水蓄能、燃氣發電及可再生能源項目,而2020財年的淨負債對資本比率僅為25.1%。該行下調中電2021至2023年每股盈測2%至2.5%,目標價由原來的100元下調3%至97元。

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