《大行報告》摩通:長建及電能受惠英取消企業稅率上調 料可抵銷英鎊貶值逾一成影響
摩根大通發表報告表示,市場關注英鎊匯價轉弱多於英國政府建議減稅的影響,令相關消息拖累了長江基建(01038.HK)及電能(00006.HK)表現,該行認為近期英鎊匯價的消息面掩蓋了長建及電能的「順風」因素。
該行指,英國政府建議取消企業稅率上調,可能導致遞延所得稅負債撥備撥回(長建及電能於2020至2021年為此各計提32億及13億港元),估計此措施料可以抵銷英鎊逾10%的貶值的影響(若英鎊貶值約10%,料會拖低長建及電能今年盈利均約5%)。
摩通表示,英國財政大臣關浩霆提出的小型預算,以及英國工黨對淨零碳排目標的承諾,料支撐了英國電力網絡的增長。這應該對英國電力網絡監管重置的最終草案有積極的解讀。
該行指就一次性撥回遞延稅項負債,長建及電能於2020至2021年為此各計提32億及13億港元,雖然這種回撥本質上是非現金的,但這可以部分抵銷英鎊貨幣貶值帶來的收益逆風,而英國亦取消原於2023年4月起將公司稅從19%增至25%的建議。摩通維持長建「增持」評級及目標價60元,亦維持電能「增持」評級及目標價60元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.