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《大行報告》大和下調電能(00006.HK)目標價至49元 評級「買入」
大和發表研究報告指出,電能(00006.HK)上半年純利29.59億元,按年增長3%,高過該行預期的27億元。中期息維持78仙,符合預期。期內,港燈電力(02638.HK)溢利貢獻按年增長10%至3.28億元;英國業務溢利跌2%至13.98億元,大致符合預期;澳洲業務溢利跌17%至5.58億元,主要受澳元貶值影響;其他業務溢利增長44%。 該行認為,由於電能於上半年底仍處於淨現金流狀況,加上香港重新開放,相信下半年仍有進行併購的空間,另不排除公司進行大型複雜併購的可能性。除非公司完成大規模併購,否則該行料2023至2025財年公司不會提高股息。公司目前股息率高達6.8%,相對於長江基建(01038.HK)股息率為6.2%至6.3%,以及煤氣(00003.HK)為5.3%。該行看好電能股息率高企,同時偏好長建的派息增長。 鑑於信義能源(03868.HK)上半年意外削減派息,而市場預期整體燃氣股上半年業績欠佳,因此該行不排除資金將流入電能避險。該行重申對電能的「買入」評級,目標價由51元降至49元。
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