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《大行報告》大摩料中電(00002.HK)今年盈利恢復增長 惟加息環境影響估值
阿思達克 02-28 16:01
摩根士丹利發表研究報告指,中電(00002.HK)去年純利按年跌89%至9.24億元,撇除一次性項目,年度經營利潤則按年增長23%至75.6億元。 展望今年,大摩預期中電盈利將可恢復增長,更高的資本開支將為公司帶來更高的管制計劃協議(SOC)收益,同時澳洲業務有望改善,解決燃煤電廠的營運問題後料可恢復盈利。另外中國當局對可再生能源新產能及煤炭價格水平的控制,亦利好中電發展。 然而該行指出,加息環境令中電估值較為不吸引力,維持「與大市同步」評級,認為短期內股息增長將受到負債率上升和高派息率的限制,目標價為68元。
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