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《大行报告》美银证券下调中电(00002.HK)目标价至97元 评级「买入」
阿思达克 02-23 10:10
美银证券发表研究报告,指出扣除一次性项目後,中电控股(00002.HK)2020财年经常性净利润按年下跌1.6%至111亿元,较该行预期低2%。香港及澳洲业务表现胜预期,其他地区则逊预期。香港区的经调整本期营运收入(ACOI)按年升3.7%,较该行预期高2.2%;中国内地的ACOI下跌2.2%;澳洲的ACOI跌12.4%,但仍胜该行预期7%;东南亚及台湾旳ACOI则升15.2%;印度ACOI按年跌14.3%。

该行重申公司「买入」投资评级,预期2021财年的每股盈利升7%,而每股派息料相应增加,以庆祝其120周年。另外,在利润管制的情况下,盈利年复合增长率料稳定在约3%。澳洲业务亦潜在扩展至抽水蓄能、燃气发电及可再生能源项目,而2020财年的净负债对资本比率仅为25.1%。该行下调中电2021至2023年每股盈测2%至2.5%,目标价由原来的100元下调3%至97元。

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