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《大行報告》花旗下調中電(00002.HK)評級至「沽售」 削目標價至56元
花旗發表報告表示,下調對中電控股(00002.HK)投資評級,由「中性」降至「沽售」,將目標價由82.5元大降至56元。該行指調低對中電評級,因其預測今年股息回報率僅4.3釐,對比十年期美國國債孳息率3.25釐水平未算吸引,因中電自2000年以來股息回報一直較十年期美國國債孳息率高出137個基點。 該行亦指,中電主要利潤來源來自香港業務,佔核心利潤的約70%,其總資產淨利率(ROA)爲8.243%,據公司與香港政府已簽訂的固定協議,因此無法受益於更高的通脹率。
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