《大行報告》大摩上調電能(00006.HK)目標價至50元 評級「與大市同步」
摩根士丹利發表的研究報告指,相信電能實業(00006.HK)仍然是有質素的收息股,而管理層亦承諾不削派息,加上公司資產負債表強勁,意味假如無收購活動則可增加派息。該行相信,在疫情下公司於其核心市場包括英國及澳洲短期內未似會進行併購,因為來自中港的投資都被認為是政治敏感,該行將公司目標價由48元升至50元,以反映外匯因素等的影響,維持評級「與大市同步」。
電能上半年淨利25.09億元,按年升11%,撇除英國稅項調整的一次性影響,估算可持續溢利僅升1%,低於預期,不過英鎊及澳元升值已帶動盈利5-10%,另外受惠營運改善,上半年每股派息溫和向上,由股0.77元升至0.78元。
該行的英國分析預期,英國競爭及市場管理局將於8月初公布上訴結果,案件涉及英國電力、燃氣運輸及燃氣分發網絡的擁有人,相關決定將影響英國電力分發網絡資產,而電能旗下的英國UK Power Networks(UKPN)亦將於明年與氣電市場辦公室(Ofgem)進行價格商討,該行的分析估計准許利潤將升50-100個基點。(el/k) ~
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