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《大行報告》花旗升潤電(00836.HK)評級至「買入」 目標價上調至20元
阿思達克 08-23 10:32
花旗發表研究報告,將華潤電力(00836.HK)評級由「中性」升至「買入」,主要因為公司上半年盈利勝預期,來自可再生能源的可持續溢利按年大幅增長70.5%,考慮到來自可再生能源的利潤佔比提升,認為估值重估亦合理,其估值亦低於純可再生能源的企業,將公司2021至2023年淨利預測升5%至17%,以反映上半年可再生能源利潤表現,目標價由9.6元升至20元。 該行指出公司上半年淨利按年增12.7%至51.05億元,相當於市場對其2021年淨利預測的61%,而可持續溢利則按年升19.1%至52.77億元,當中有84.9%是來自可再生能源,上半年每股派息按年增11.1%至每股0.25元。 花旗相信公司近期股價向上是基於重估,參考清淨能源公司等相信公司重估合理,因為現時潤電有84.9%溢利是來自可再生能源。另外,火電方面盈利下行空間有限,上半年火電的可持續溢利按年跌63.7%至8.12億元,股本回報率僅1.9%,主要因為燃料成本按年升30.6%,該行估計逾四成內地煤電廠均是錄得虧損,而基於過往的表現,假如煤價上升將進一步帶來能源短缺,料政府將會介入。
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