交銀國際:降華潤電力(0836.HK)評級至中性 目標價下調至23.06港元
交銀國際報吿稱,華潤電力(0836.HK)發盈警,預計去年淨利潤按年跌70至80%,跌幅較該行原先預測的17%大。該行認為消息負面,因早前與投資者交流,他們預計即使在最壞的情況下,去年盈利只會按年跌50%。
整體而言,在考慮更高的動力煤成本假設後,該行下調對集團2021、2022及2023年的淨利潤預測73%、3%及2%,預計去年末期息將按年減75%至每股0.1港元。
對於集團在港分拆可再生能源部門上市的計劃,該行表示傾向保守,可能令其市場吸引力下降。考慮其不確定性,下調可再生能源分部的估值基準,由2022年市淨率1.7倍調低至1.5倍;根據分部加總估值法,將集團目標價由25.8港元下調10.6%至23.06港元,評級由“買入”降至“中性”。

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