研報掘金丨國泰君安:長江電力穩定分紅屬性凸顯,維持目標價28.60元及“增持”評級
國泰君安研報指出,長江電力(600900.SH)穩定分紅屬性凸顯,認為當前預期股息率尚未充分反映公司股息價值。維持目標價28.60元及“增持”評級。投資者要求回報率下行,公司股息價值尚未充分兑現。市場認為當前股價對應的公司股息率吸引力不高;我們認為公司現金分紅總額穩中有升的特質難能可貴,在投資者要求回報率下降背景下,公司的穩定股息價值有望提升。另外,公司水電主業經營穩健(長江流域來水多年均值迴歸),同時充裕現金流支持下公司有能力在來水欠佳年份通過提升分紅比例的方式進一步熨平短期來水波動影響,具備較強的穩定分紅屬性。
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