《大行報告》中金降信義能源(03868.HK)評級至「中性」 目標價下調至2.09元
中金發表報告表示,信義能源(03868.HK)在資金壓力下,調整高分紅定位,未來派息或降至純利的40%至50%,低於市場預期。政策調整後,公司派息金額較此前下降將超過50%,大幅低於市場預期,估值將相應受到影響。
報告指,海外利率上升,壓制公司上半年利潤表現。營業收入12.9億元,按年升2.5%;純利5.68億元,按年跌9%,業績低於該行預期。目前全球正處加息周期,6月海外貸款利率約為6%,而公司有約90%債務受其影響,因此上半年財務費用按年大幅提升48%至1.63億元。考慮到下半年全球加息尚未停止,財務費用可能繼續壓制公司利潤表現。
該行將其評級降至「中性」,目標價下調40%至2.09元。由於財務費用上升,下調今明兩年純利預測11.1%和13.9%分別至11.3億元和12.7億元。
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