《大行報告》花旗升中電(00002.HK)目標價至55元 重申「沽售」
花旗日前發表報告,指中電控股(00002.HK)中績符預期,降今年盈測4%以反映澳洲EnergyAustralia盈利復甦較預期慢,但上調明後兩年盈測各3.7%及1.5%,憧憬澳洲業務盈利正常化。該行假設EnergyAustralia今年下半年錄純利7.4億港元,明後兩年各錄純利16億及17億港元。
以加權平均資金成本(WACC)計,花旗升中電目標價10%,由50元上調至55元,因美國加息周期料於今年底結束。不過該行維持予中電「沽售」評級,因未來五年香港作為其最大利潤來源的盈利增長將減速,假設今年11月公布的新一份利潤管制協議(SOC),其每年SOC核准資本開支或較現行協議低出5%至10%,因新建燃氣發電機組或減少。此外,預測今年4.9%的股息率亦是本港公用事業中最低。
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