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大摩:調整內地電力股目標價 今年或受惠供給側改革
格隆匯 02-10 16:27
摩根士丹利發表報告指,在市賬率估值處低谷,加上利用率改善、行業整合及更為有利的政策下,預期今年內地煤電企業將出現轉折點,或受惠於供給側改革。該行表示,內地國資委於去年12月表示電力行業的區域整合是今年的關鍵,相信煤電企業的結構性損失已令國資委提高關注。該行預計,內地相關政策將變得更為利好,包括政府於今年不宣佈削減電費。
大摩又提到,由於削減電費的憂慮,即使大部分企業盈利有穩固增長,去年中資煤電股股價仍跑輸國企指數26至38個百分點,但相信利用率、電費及煤價三方面在今年起將結構性地轉為有利的推動力。該行調整對中資煤電股目標價,並認為華潤電力(0836.HK) 在轉折點中有最好的角色,因其有堅實的風險調整後回報,和相對較高的流動性,上調其2019-2021年盈測12.4%、5.4%及8.8%,維持其“ 增持 ”評級,目標價升2.7%至15.4港元。另外,由於資產撥備風險及盈利和股息可能令人失望,該行下調華能國電(0902.HK) 的評級,由“ 增持 ”降至“ 與大市同步 ”,目標價由5.9港元降至4.1港元。

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