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大行評級|美銀:微降華能國際電力目標價至4.8港元 維持“中性”評級
格隆匯 10-31 10:53
美銀證券發表研究報吿指,華能國際電力業績會議上表示減值可能每季都會發生,2025年的電價或面臨一些下行壓力,但目前置評仍言之過早。該行考慮到第三季表現不如預期及更多減值,而下調對其盈測,特別是今年,惟被單位燃料成本降低有所抵消。該行維持予H股“中性”評級,因為產能電價仍然是強勁的盈利緩衝,佔整體第三季税前利潤的45%。該行認為,相當於預測市賬率1倍的估值大致合理,股本回報率(ROE)為10%,收益率接近6%。該行下調華能2024年盈利預測15%,主要因為40億元的減值、第三季表現遜預期,以及單位燃料成本走勢,並微降其對公司2025年至2026年的盈利預測各約3%,明年ROE預測被調低至9.9%,H股目標價由4.9港元微降至4.8港元。
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