《大行報告》摩通降長建(01038.HK)評級至「中性」 首選粵投(00270.HK)及中電(00002.HK)
摩根大通發表研究報告,指香港公用股本年至今表現跑贏恆指6%,部分源於市場輪轉至防守性板塊。該行下調長江基建(01038.HK)評級由「增持」降至「中性」,其自去年末季起股價累升28%,跑贏同期恆指18%升幅,料已反映英鎊對澳元匯價上升帶來的利好。該行首選粵海投資(00270.HK)及中電控股(00002.HK)。
報告料粵投在8月底中績公布時反彈,受惠供水及物業銷售盈利改善。該行喜好中電,因香港碳中和目標為純利帶來上行空間。該行續予煤氣(00003.HK)「減持」評級,憂慮其新業務板塊資本開支增加惟資產回報率或僅2%。
報告補充,粵投股價跑輸30%呈現價值。去年末季業績遜色,致市場憂慮粵投盈利前景。該行認為,市場憂慮已過度,在新供水項目利用率上升下,內地水務盈利料改善,並料其非供水業務盈利將復甦。粵投股息收益現達5.7%屬歷史高水平,每年股息增長率料達4%。
摩通另解釋,長建自去年末季低位累升近30%,疫情後盈利復甦及英鎊對澳元升值已反映於股價。現時估值合理,股息收益約5%,每股分派料持平。撇除單次性遞延稅務支出,估算長建今年核心純利增長僅2%屬溫和,主因海外項目監管條款修訂。
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