《大行報告》美銀證券下調長建(01038.HK)目標價至53.5元 評級「買入」
美銀證券發表報告指,英國發布了包括英國電力網絡(UKPN)在內的英國電力分銷商允許的CoE(發電成本)提高48個基點至5.23%,大於6月宣布的CoE決定草案。長江基建(01038.HK)表示,加權平均資本成本(WACC)略高於預期,而Totex(營運費用+資本費用)的提升符合預期。在決定是否向英國競爭及市場管理局(CMA)提出上訴之前,長江基建將審查細節。
該行考慮到CoE提高23個基點,將對長建2023及2024財年的每股盈測分別上調0.7%及1%,相信這個最終決定所提供的清晰度將消除不確定性。
美銀證券將長建今明兩年的盈利預測各降0.2%和5.3%,對長建目標價由59.7下調至53.5元,重申「買入」評級。該行料電動汽車、熱泵、可再生能源和電池的並網將推動英國和澳洲配電網絡的RAV(監管資產價值)和利潤增長。
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