《大行》匯豐研究上調對港燈(02638.HK)目標價至7.2元 料2028年前每單位分派持平
匯豐環球研究指,港燈-SS(02638.HK)中期淨利潤按年升5.7%至10.01億元,受惠融資成本改善。可分派收益按年持平於14.08億元,符合該行預期。每單位中期分派按年持平及維持100%派息率。該行維持對港燈「買入」評級,目標價由6.8元上調至7.2元。
該行預期港燈盈利增長在下半年持續,主要由本港銀行同業拆息及融資成本下降,基於債務中港元風險敞口爲100%,以及外匯持倉已由港元衍生工具對衝。該行上調對港燈今年至2027年盈利預測1%,反映融資成本下降。該行又預計港燈對增加分派保持審慎,因爲本港長遠項目仍有顯着不確定性,項目需要一定份額的資本承諾。該行料港燈每單位每年派息將保持在32.03仙,直至2028年。
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