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《大行報告》摩通:長建/電能終止潛在出售UKPN 反映通脹掛鉤資產有更佳價值
摩通發表研究報告指出,相信長建(01038.HK)/電能(00006.HK)終止潛在出售UK Power Networks(UKPN),反映通脹掛鉤資產有更佳價值。值得留意的是英國5月份通脹飆升至40年以來高位,通脹升溫可能高過管理層預期,而由於UKPN的收入與資產與通脹掛鉤,管理層或對交易的估值有更高期望,因此並不急於出售有關資產。 該行認為,長建/電能短期欠缺重大收購目標,雙方可能只是保留其寶貴的受監管資產,並耐心等待更好的併購機會,同時繼續為投資者提供約5%至6%收益率,維持對長建及電能的「增持」評級。
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