《大行報告》摩通:潤電(00836.HK)分拆可再生能源業務在港上市支持相關資本開支 惟投資者期待A股上市尋求更高估值
外電報道,華潤電力(00836.HK)考慮分拆可再生能源業務在本港上市,集資10億至20億美元。摩根大通表示,市場可能對華潤電力可再生能源業務的反應紛歧。該行對華潤電力持「增持」評級,目標價24.5元。
摩根大通認爲,從積極的方面來看,在港上市可加快分拆過程並支持該業務的資本支出,因爲未來幾年華潤電力可能會出現負現金流,並能減少因混合燃煤和可再生能源組合而對公司產生的綜合折扣。然而,部分投資者一直預期華潤電力分拆可再生能源業務以A股上市,以帶來更高的估值。
摩根大通表示,在香港上市所需時間較短,而在A股分拆上市過程可能長達一年或以上,而且華潤電力手上已有約23吉瓦的風能或光能項目,意味着未來2至3年的資本開支會更大,因此需要加快分拆上市進度爲此作準備。
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