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《大行報告》匯豐研究下調長建(01038.HK)及電能(00006.HK)目標價
匯豐環球研究發表報告指,英國能源管制機構Ofgem於11月30日公布其針對電力公司的最終決定,涵蓋明年至2028年,目標是確保電網提供淨零排放所需的基礎設施,並滿足電動車和熱泵普及而不斷增長的電力需求。機構增加有關年份的允許回報和支出,且較早前草案建議的水平為高。 該行表示,由於債券收益率上升、報告貨幣匯率強勁及英鎊走勢波動,加上與監管重置相關的問題,市場對長江基建(01038.HK)和電能實業(0006.HK)估值已向下重評。展望明年,因受監管資產的收入會因通脹調整而上升,意味企業的毛利會有所提高,主要由於此等增長往往會抵銷成本上升。 在香港公用股中,長建仍為匯豐首選,該行認為公司或通過收購和資產剝離重新平衡投資組合,從而推動盈利和股息增長,維持對長江基建「買入」評級,目標價由57元降至54元。至於電能評級維持「中性」,目標價由51元下調至46元。
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