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《大行報告》摩通:本港公用股受惠較低加息預期 偏好電能(00006.HK)及長建(01038.HK)股息逾6厘
摩通發表報告指,香港公用股目前估值十分吸引,股息逾6厘,較10年期美國國債孳息率高出260個點子。如果港股繼續獲利回吐,而聯儲局調低大幅加息的前景,短期內股息收益表現可能繼續好過市場。 摩通指,在覆蓋範圍內,偏好電能(00006.HK)及長建(01038.HK),因為股息逾6厘,加上今個財年的非美元盈利佔比約為90%,如果加息見頂後,將從美元貶值中最受惠。 摩通亦看好粵海投資(00270.HK),因為股息逾7厘,人民幣升值有利於其內地投資組合,加上即將再審視香港水價。 另一方面,摩通對中電(00002.HK)評級為「中性」,因為預計其澳洲業務在去年下半年的盈利改善有限。雖然中華煤氣(00003.HK)的盈利回升可能是同行中最強勁,但摩通對其現金流和財務狀況保持謹慎看法,料將限制增加股息的能力。
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