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《大行報告》大摩降中電(00002.HK)評級至「減持」 目標價下調至68元
阿思達克 12-03 09:52
摩根士丹利發表研究報告,預期中電控股(00002.HK)的澳洲及中國內地業務將拖累公司盈利表現。其中,Energy Australia(EA)受批發電價下降及天然氣供應成本上升影響,表現惡化,該行預期EA於2021年的經常性盈利將下跌75%至4.2億港元,2022年批發電價或進一步下降。 該行指出,中電內地業務面臨煤炭價格高企的壓力,料其今年內地業務盈利將下跌23%,2022年略有回升。香港方面,於疫情後中電的售電量穩固,公司在香港的售電量於今年首三季按年升4.1%,主要由於疫情限制放寬及炎熱的天氣影響。 此外,該行認為中電股價年初至今上升7%,大幅跑贏恆生指數同期表現,但基於EA表現疲弱,內地業務盈利低企,預期公司今年全年的經常性盈利按年跌10%至103.6億元,為香港公用股中表現最差,同業的盈利增長料約0%至4%。而公司於香港以外地區的增長前景仍具挑戰性。預期至2024年公司盈利保持低增長。目標價由82元下調至68元,評級由「與大市同步」降至「減持」。
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