《大行報告》匯豐研究維持中電(00002.HK)「買入」評級 港燈(02638.HK)評級「持有」
匯豐研究發表研究報告指出,中電(00002.HK)及港燈(02638.HK)宣布明年1月起分別加電費5.8%及7%。新管制計劃(SoC)將運行至2033年,固定資產回報率為8%,以保障電力供應商的收益。
該行指出,燃料成本雖然於2021年大幅上漲,但兩電已直接轉嫁。為紓緩整體電費升幅,中電將燃料調整費上調37%,但被每度電特別回扣3.4仙所抵銷。相比之下,港燈將燃料調整費提高57%,但提供每度電1仙的特別回扣。
此外,該行指中電獲政府通過在中華電力2018至2023年發展計劃(2018發展計劃)下的資本投資,額外增加32億元,用於支付電力網絡的加固項目,滿足預期的客戶需求,將對固定資產回報率模式下的收益有所支持。該行亦看好中電的戰略與目標,其減排措施較同業更清晰及全面,維持對中電的「買入」評級,目標價88元不變。
對於港燈,匯豐研究對其維持「持有」評級,相信公司作為公用事業信託應保持防禦性,意味著公司透過增長及收購以作推動派息的潛力較少,目標價8.5元不變。
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