《大行報告》摩通下調公用股目標價 長建(01038.HK)電能(00006.HK)估值吸引
摩根大通發表研報指,香港公用事業股的股價年初至今已累跌超過30%,現時看見個別買入機會,認為投資者已將約5%的無風險利率計算在內,而受評的公用股現價正提供250個基點的利差,相對歷史平均差距約為170個基點。
該行指出,長江基建(01038.HK)及電能實業(00006.HK)提供入市機會,因為該兩家公司現時股息率達到7%至8%,為同行中最高,估值吸引,而且近期英鎊企穩可提供支持,兩股目標價同時降至50元,評級「增持」。
摩通又指,長建及電能2022年中國業務貢獻收入不足10%,較不受防疫政策變動所影響。
對於中電(00002.HK),摩通則維持「中性」看法,認為約6%股息回報估值似乎合理,目標價下調至52元。
由於中國天然氣量及利潤率疲軟,該行對香港中華煤氣(00003.HK)保持謹慎態度,評級為「減持」,目標價降至5.3元,並將2022至2023年盈利預測下調2%及3%。
股份│評級│目標價
中電(00002.HK)│中性│63→52元
電能(00006.HK)│增持│60→50元
長建(01038.HK)│增持│60→50元
煤氣(00003.HK)│減持│7.35→5.3元
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