《大行報告》摩通:長建(01038.HK)及電能(00006.HK)股息率逾6厘 估值吸引
摩根大通發表研究報告指,本港公用事業股過去一個月表現落後於大市約5%,相信主要是由於十年期美國國債在月內飆升超過60個基點,令投資者更新對美聯儲加息幅度預期所致。
該行指,長江基建(01038.HK)及電能實業(00006.HK)受打擊最大,相信是因為英國電力市場的潛在改革,導致市場對其受監管資產回報率降低產生憂慮。
摩通認為加息影響已被消化,長建及電能股價下跌後,以股息率計,現估值較無風險利率高出200個基點以上,同時相信英國及歐盟最近出台措施主要是針對批發電力市場的改革,而非是能源網絡。考慮到長建及電能平均股息收益率高於6%,估值具吸引力,摩通對兩企各維持「增持」評級,目標價均為60元。
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