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《大行报告》大摩下调华能(00902.HK)目标价至2.7元 评级「与大市同步」
阿思达克 04-07 10:23
摩根士丹利发表报告指,与华能(00902.HK)公布过去两年列帐杠杆比率下降及纯利增长相反,由於发行永续债券,该行相信集团真正的负债比率是上升,其股本价值(每股资产净值)在过去亦两年下跌了6%。考虑到国企的估值基准,大摩相信有关情况会持续,而庞大资本支出及减值也降低股息前景。

该行下调华能股份目标价,由3.82元降至2.7元,评级维持「与大市同步」,认为集团的估值虽然便宜,但其派息政策向下及再生能源资本开支增长,或导致股东回报的改善空间有限。

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