《大行報告》大摩下調華能(00902.HK)目標價至2.7元 評級「與大市同步」
摩根士丹利發表報告指,與華能(00902.HK)公布過去兩年列帳槓桿比率下降及純利增長相反,由於發行永續債券,該行相信集團真正的負債比率是上升,其股本價值(每股資產淨值)在過去亦兩年下跌了6%。考慮到國企的估值基準,大摩相信有關情況會持續,而龐大資本支出及減值也降低股息前景。
該行下調華能股份目標價,由3.82元降至2.7元,評級維持「與大市同步」,認為集團的估值雖然便宜,但其派息政策向下及再生能源資本開支增長,或導致股東回報的改善空間有限。
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