《大行報告》摩通:市況波動 三類防守性公用股值留意
摩根大通發表報告,將其覆蓋研究的內地及本港主要防守性公用股分成三類,此等股份在過去一個月跑贏市場超過11%,推薦給在波動市況中尋求低啤打值(與市況關聯度低)的投資者。
第一類為有合理價格增長且政策利好的股份,其中智能電網商料可受惠於電網資本開支處歷史高位,而工業燃氣商則可提供穩定現金流,並較海外同業繼續有市佔增長,該行喜好國電南瑞(600406.SH)、朗新科技(300682.SZ)及杭氧股份(002430.SZ)。
至於第二類為股息收益率有防守性的股份(4%至6%收益率),包括有監管計劃支持盈利的本港公用股,及部分水電/核電商,摩通喜好長江基建(01038.HK)、長江電力(600900.SH)及中廣核電力(01816.HK)。而第三類為受惠於大宗商品價格上升的股份,其中新奧股份(600803.SH)在全球進行天然氣貿易,可得益於歐洲氣價上升。
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