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《大行報告》匯豐研究降華能(00902.HK)目標價至5.9元 下調盈測
阿思達克 03-22 15:56
匯豐環球研究下調對華能國電H股(00902.HK)今明兩年盈利預測7%至18%,目標價由6.3元降至5.9元,估值方式由市賬率改為對應華能國電A股折讓,以更好地反映市場情緒。該行指,縱使華能國電H股今手以來股價大幅跑贏大市,但目前估值僅為2024年預測市盈率4倍,意味股息率12厘,仍然不算昂貴。該行續予華能國電H股「買入」評級。 該行又指,華能國電去年業績符合該行及市場預期,派息每股0.2元人民幣,派息比率提升至57%,高於該行預期及該公司派息比率50%政策。該行又指,華能國電煤電電價按年應大致持平或輕微下降,但單位燃枓成本處更深下降趨勢,推動盈利率擴大。內地煤炭現貨價格近周快速下滑,預計有關價格在今年第二季持續受壓,並成為正面催化劑。
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