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大行評級 | 花旗:升中電目標價至50港元,公用股首選粵海投資
格隆匯2月28日丨花旗上調中電(0002.HK)目標價4.2%,由48港元升至50港元,重申“沽售”評級。花旗發研報指,重申“沽售”投資評級,由於公司去年盈利股澳洲業務虧損拖累,加上印度、台灣業務盈利貢獻佔比降低;澳洲業務預期今維持自由現金流負數表現;其5.6%股息率亦低於行業平均的5.9%。報吿指,將中電2023年及2024年純利預測分別下調4.3%、3.4%,因澳洲業務貢獻降低及出售防城港燃煤電廠70%權益。報吿亦稱,中電2023年預測市盈率12.7倍,預測市帳率1.2倍及5.6%股息率不屬吸引,因此本港公用股板塊首選粵海投資(0270.HK),其2023年股息率料達7.8%。此外,報吿提到,花旗料中電全年派息可續維持每股3.1港元,由於公司為嘉道理家族的主要收入來源。惟澳洲業務方面,則認為中電難以獲取任可出售權益融資的吸引條件。該股現報55.65港元,總市值1406億港元。

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