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《大行報告》摩通下調公用股目標價 升長建(01038.HK)評級至「增持」
阿思達克 06-02 11:34
摩通發表研究報告,指長江基建集團(01038.HK)今年以來股價跑輸大市12%,相信因為外匯貶值及海外監管重設帶來的負面因素已大大反映在股價中。公司有充足的自由現金流,介乎70至80億元,足以應付其每年約60億元的股息。自由現金流收益率目前為7%,股息收益率為6.2%,是歷史新高水平,並較同業平均4.7%水平為高,亦高於10年期美國國債約550個點子。該行下調長建2020年每股盈測12%,並將其投資評級由「中性」上調至「增持」,目標價由60元下調至48.5元。

另外,基於中電控股(00002.HK)香港業務具防守性,重申其「增持」投資評級,目標價由100.5元降至90.8元。該行維持電能實業(00006.HK)「中性」投資評級,目標價由55元降至47.1元,因為看到其自由現金流約50億元,而其派息約需60億元,因此未來有削減派息的潛在風險。該行投資首選長建,其次是中電,然後是港燈(02638.HK)。

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