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《大行報告》大摩升中電(00002.HK)評級至「增持」 目標價上調至70元
阿思達克 06-20 10:09
摩根士丹利發表報告,預計隨著澳洲業務改善,中電(00002.HK)今年有機會增加派息。對其今明兩年盈利預測分別比市場預期高17%和22%。該行指集團現時估值吸引,評級由「與大市同步」升至「增持」,目標價由68元上調至70元。 該行指,由於燃料成本上升、以低電價遠期出售的電力合同以及供應中斷,中電澳洲去年虧損巨大。不過,該行看到發電廠發電量正在增長,燃料成本比去年9月高峰期下降51%,而且電力合同繼續延期,因此預計中電澳洲業務營業收入將出現重大好轉,目前偏向預期在今年下半年發生,並在明年繼續按年增長40%。 此外,政府計劃在今年與兩間電力公司就《管制計劃協議》進行中期檢討,討論期間政府允許回報率的潛在變化發表的評論引起了投資者的擔憂,令中電股份表現遜同業。不過,該行注意到協議的任何變化均需要雙方同意,該行認為最終沒有實質性變化。
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