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《大行報告》花旗降中國電力(02380.HK)目標價至3.5元 開啟90日下行催化觀察
花旗發表報告,對中國電力(02380.HK)開啟90日下行催化觀察,估計公司將於3月公布的去年純利,將會差過市場預期,主要因為水力發電平均廠房使用率下跌,該業務虧損或高於預期;去年第四季煤電發電量少過預期;儲能業務在市場競爭下,盈利亦將遜預期,將公司2023年、2024年及2025年純利預測,分別下調29%、14%及16%,目標價由4元下調至3.5元。 該行維持其「買入」評級,主要因為煤電業務帶來可持續的利潤率、去年10月起水力發電業務改善、可再生能源產能有高增長、母公司增持反映支持。其今年預測市盈率6.8倍,市賬率0.8倍,股息率7.3%,估值不算高。
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