《大行報告》大摩下調港燈-SS(02638.HK)目標價至6.4元 評級「增持」
摩根士丹利發表研報指,港燈-SS(02638.HK)上半年合訂股份擁有人應佔純利按年升9.8%,售電量按年增長3.3%,中期每股份合訂單位中期分派維持15.94仙,該行預期全年分派亦將按年持平。
大摩指,港燈財務成本從2022年中期的3.99億元增長62%至6.45億港元,考慮到HIBOR走勢及其淨債務規模達510億元,利息成本本應大幅上升,但公司透過鎖定72%至74%固定利率的對沖策略,期內仍能夠控制成本升幅。
港燈已向政府提交2024至2028年度發展計劃,該行估計未來五年的利潤管理協議(SOC)項下資本支出將達到255億元,與原計劃266億元持平,當中預期港燈未來將再建設一台燃氣機組、置換開放式燃氣輪機、新建150MW海上風電項目及完成本港智能電錶安裝工程(現時進度逾50%),另外預期亦會從中國引進核電,預計該資本支出計劃將令其固定資產在2024至2028年間複合增長2.9%。
大摩維持對港燈的「增持」評級,目標價由8.6元下調至6.4元,預期美國加息周期接近結束,投資者對本地公用事業股的興趣將會回升,看好中電(00002.HK)及港燈具防守性。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.