大行評級|美銀:下調華潤電力目標價至20.3港元 重申“中性”評級
美銀證券發表報告指,華潤電力去年業績符預期,但核心盈利因單位燃料成本上升而表現較弱。該行將公司2025至2026財年盈利預測下調3至5%,以計入較高的成本,但部分被較高的使用時數所抵銷。考慮到2026年ROE爲12.2%(原預測13%),將目標價由21.1港元調低至20.3港元。因火電業務復甦較佳,且股息率約6%,該行重申對潤電“中性”評級。但該行擔心可再生能源的回報,導致整體盈利在2025至2026持平(市場預期年均複合增長爲13%)。在現階段,可再生能源分拆時間及股息提升方面帶來的潛在利好未清晰。
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