《大行報告》摩通:中電(00002.HK)第三季營運無驚喜 須留意三個關鍵
摩根大通發表報告指,中電(00002.HK)第三季營運數據沒有驚喜,澳洲業務方面,雅洛恩電廠發電量改善,但Mount Piper電廠煤炭供應受阻,以及零售市場競爭,抵銷部分有利因素。第三季海外燃煤發電受惠成本下跌,但近期全球煤價回升,可能拖累盈利表現。展望前景,有三項因素需要關注:本港業務2024年至2028年利潤管制協議下的資本開支;利潤管制協議中期檢討;澳洲業務的訴訟結果。
該行對中電維持「中性」評級,認為現時股息率5.5%,相對美國十年期國債收益率4.6%並不吸引,相信市場普遍預期2023年度派息增長2%至3%是過份樂觀,該行估計全年派息只會持平,目標價57元,反映明年預測市賬率1.3倍,股息率5.5%。
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