《大行報告》大摩:較看好港燈(02638.HK)評級「增持」 中電(00002.HK)「與大市同步」
大摩發表研究報告指,中電控股(00002.HK)及港燈(02638.HK)公佈明年電費分別上調5.8%及7%,同時中電亦獲政府批準在2018至23年度額外增加31.52億元資本開支。
該行指,兩電2022年基本電費爲1.289元及1.353元,較2018年預測爲低,相信是因電力用量增長較高,今年上半年中電及港燈的電力需求分別增長4.4%及1.9%。對於明年電費上調,該行預期新的電費對港燈盈利影響輕微,但新的電費和資本開支對中電有輕微正面影響。
該行看好港燈多於中電,因下一個利潤管制協議(2024-29年)潛在資本開支較高,同時預期在香港碳中和2050目標下,需投資離岸風電場、升級用於新能源的電力設備,並與國內核電接駁等,認爲港燈的資本開支增長會較中電高,因港燈目前沒有與內地接駁網絡的基建。
該行維持中電「與大市同步」評級,目標價82元;港燈評級「增持」,目標價8.6元。
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