《大行報告》大和降潤電(00836.HK)評級至「跑贏大市」 目前價升至20.4元
大和發表報告指出,華潤電力(00836.HK)年初至今累升20.8%,過去三個月亦累升25%,股價受惠於高收益國企的正面情緒,其今年預計收益率達4.3%,雖然較之前有所下降,但仍具吸引力。
不過,該行認為相對於華能(00902.HK)及華電(01071.HK)早前已預期去年錄得巨額減值,潤電並無發布盈喜公告,意味著其計提的減值規模仍不明確。雖然該行預期公司很大機會派發特別息每股50仙,但目前料公司普通股每股派息尚不明確。而高收益仍是關注潤電的焦點,如果去年每股派息遜預期,可能將引發股價調整。由於潤電的股價年初至今已大幅上漲,其風險回報的吸引力目前相目前對較低。
此外,該行將潤電的評級由「買入」下調至「跑贏大市」,目標價由17.8元上調至20.4元。對其2023至2025年每股盈測下調介乎4%至12%。另該行對2024至2025年各年動力煤價格預測,各上調至912元人民幣(下同)及912元。
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