大行評級|大摩:上調華潤電力目標價至23.7港元 未來幾年將受惠於煤價下降
摩根士丹利研究報告指,根據華潤電力去年的實際業績,分別將2025及26年的每股盈利預測上調1.4%至4.9%,並預期煤炭價格會下降,相應將對集團的目標價由22.5港元上調至23.7港元,並予“增持”評級。
大摩認爲,煤炭獨立發電廠將在未來幾年受惠於煤炭價格下降以及容量電價的優惠政策。該行看好華潤電力在煤炭和風力發電項目中的利用小時數高於同行,反映其資產質量更佳。儘管集團2025年的電價下降幅度可能高於同行,但該行認爲其股息率仍比同行更有保障,對投資者可能更具吸引力。
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