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《大行報告》花旗升中電(00002.HK)評級至「買入」 目標價上調至72元
花旗發表研究報告,指中電控股(00002.HK)受惠美國潛在減息帶來的估值重評憧憬,考慮其股價與美國國債孳息率有高度關連性,將其投資評級由「中性」升至「買入」,並將今明兩年純利預測各上調6.5%及6.6%,至分別127.39億及130.66億元,以反映澳洲業務貢獻擴張;以現金流折現率計,目標價相應由62元升16%至72元。 報告稱,中電去年盈利復甦,即使期內錄得59億減值開支,但純利仍按年升6.2倍至66.55億元。經營溢利(剔除公允值變動)按年升33.2%至101億元,主要受EnergyAustralia帶動。全年總派息每股3.1元按年持平,意味股息率達4.9%,集團指引未來派息穩定。 花旗稱,本港業務貢獻中電經常溢利逾70%,其不確定性已隨著去年與政府續簽管制計劃協議而被移除,並確定了2024至2028年間的資本開支計劃,相當於每年105.8億元,未來五年管制計劃項下資產基礎年均複合增長估算達2.9%。此外,澳洲業務隨著低價售電合約大部分已於去年屆滿,今年業務料持續改善。
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