《大行報告》美銀美林升中廣核電力(01816.HK)目標價至2.75元重申「買入」
美銀美林發表研究報告,指中廣核電力(01816.HK)上半年經常性每股盈利按年升6.1%,達該行及市場全年預測分別52%及51%,主要受台山及陽江核電站添置新產能,致發電產出增12%所推動,抵銷使用小時按年跌1%影響;以及上半年增值稅還返增29%,和聯營及合營收入增加33%等;惟受受財務成本增26.5%及行政成本增24%所抵銷,符合該行預期。
經考慮中廣核電力籌劃本月發行A股定價(每股2.49元人民幣),高於該行目標價,料對H股估值有提振作用,但因發行新股致每股盈測被攤薄;上半年錄得2.08億元人民幣單次性收益;以及聯營及合營收入今年料增加,美銀美林將其目標價由2.7元上調至2.75元,惟下調2019至2021年每股盈測分別3.1%、9.7%及9.2%,重申「買入」評級。
美銀美林引述中廣核電力管理層稱,料被美國納入「實體清單」影響有限,並表示將更依賴國產技術,以及歐洲生產的設備。
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