《大行報告》摩通:波動市薦潤電(00836.HK)、昆侖(00135.HK)及長建(01038.HK)三股 短期料跑贏大市
摩通發表報告指出,隨著近期市場波動性加劇,該行重點關注華潤電力(00836.HK)、昆侖能源(00135.HK)及長江基建(01038.HK)三股,認為他們具防守性,如果大市波動性持續,估計三股短期有機會跑贏大市。此外,該行認為上述三股受緣政治風險影響有限,外資持股比例低,而且與整體經濟的相關性有限,均予以「增持」評級。
該行認為,內地今年迄今的煤價低迷,因此看好潤電,料公司首季業績強勁,盈利將有所好轉。
昆侖能源方面,該行指公司作為中石油(00857.HK)的子公司,可間接受惠於上游石油巨頭近期的強勁表現,以及國企改革主題,而公司具潛在股份回購的可能,且有機會提高派息。
雖然該行第二季更為看好新奧能源(02688.HK)多於昆侖,但由於昆侖的外資持股比重較低、估值便宜、上游業務敞口及內地投資者對國企主題的興趣增加,相信昆侖在市場波動的情況下,較H股同業更具防守性。
至於長建方面,該行認為公司盈利獨立於內地經濟復甦速度,亦受英國、澳洲及本港的監管環境所保護,且拋售壓力較小,而今年稍後的加息周期見頂或利好長建。由於過去數年公司沒有重大收購,投資者對併購的預期亦低,料地緣政治風險有限。長建現提供逾6%股息率,且過去逾25年有持續股息增長。
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