《大行报告》大和上调电能(00006.HK)评级至「买入」 目标价升至52元
大和发表研究报告,上调电能(00006.HK)投资评级,由「跑赢大市」升至「买入」,目标价则由49元升至52元。该行称,电能决定增加去年每股分派0.3%至2.81元,料未来每股分派有望持续增加。
考虑电能每年经营现金流介乎54亿至55亿元,惟每年股息支出约60亿元所形成的缺口,市场或质疑电能持续增加每股分派的能力,但大和认为,电能透过利用其信贷评级扩大杠杆提振每股分派增长不是难事。
该行亦留意英镑及澳元升值,以及2021年度起赫斯基能源每年带来逾5亿元股息,将协助电能补充缺口。倘市场确认电能未来每股分派增加的定位,料有望迎来估值重评,电能约6.3%的股息收益率,较长建介乎5.4%至5.5%水平为佳。
大和表示,电能强劲信贷评级意味其略为增加每股分派不会对财政状况产生实际影响;在融资成本低企下,电能未来亦有望参与大型并购。
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