《大行報告》美銀證券下調中電(00002.HK)目標價至83元 評級「中性」
中電控股(00002.HK)發盈警,料上半年錄得虧損。美銀證券發表研究報告,將中電2022和2023年每股盈測分別下調67%和5%,目標價從89.4元下調至83元,重申「中性」評級。
美銀證券表示,雖然澳洲電廠進一步停電、產能下降和燃料成本飆升將對中電構成負面影響,但最近澳洲期貨電價飆升至每MWh 160 澳元,對中電的長期發電頭寸有利,相信2023年下半年批發電價應遠高於2022年下半年水平。
美銀證券認爲,如果EnergyAustralia能夠維持當前的產能係數,預計其在2022年下半年和2023年的表現會有所改善,因爲合同批發價格改善,以及其零售電力市場份額增加。
美銀證券指出,中電沒有對EnergyAustralia的進一步減記發表指引,但表示期貨價格上漲對未來現金流有利,又指集團在一定程度上免於當前高能源價格帶來的影響,因爲雅洛恩電廠可以從自身的礦山採購煤炭;Mount Piper燃氣電廠簽訂多年固定價格合同;在香港,中電可以通過管制計劃轉嫁燃料成本。
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