《大行報告》美銀證券降中電(00002.HK)目標價至67元 估值提升空間有限
美銀證券發表報告,指中電控股(00002.HK)去年總派息按年持平於每股3.1元;去年經營溢利按年升33%亦符早前盈利預告。報告指,中電旗下澳洲批發業務今年有望扭虧,因低價合約已約滿。香港業務在未來五年盈利年均複合增長料介乎3%至4%,因2024至2028年發展計劃下529億元資本開支,推動資本基礎擴張,以及(憧憬減息)債務成本有望下降。
集團提及派息政策須平衡實際盈利及未來投資需要。該行料2024及2025年中電每股派息將上升3%,惟降其今明兩年每股盈測介乎7%至8%,至分別4.68元及4.83元,反映內地電價下行,內地業務盈利受壓;以及澳洲零售業務盈利在競爭加劇下料較低。目標價由69.2元降至67元,重申評級「中性」,因估值上行空間有限,其預測未來12個月股息率5%,較美國10年期國債孳息率僅高出80點子,並較歷史平均收益率溢價低出逾一個標準差。
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.