大行評級|美銀:上調華潤電力目標價至25.2港元 維持“中性”評級
美銀報吿指,華潤電力中期核心利潤較該行預測勝6%,受燃料成本降低及熱電附屬收益增加推動。該行對公司電勢利潤中期復甦感到樂觀,但對該股維持“中性”評級,基於可再生業務短期風險,該業務中期核心盈利按年跌7%,同時風電及光伏上線產能在下半年增加九成,帶來潛在盈利率壓力。
該行上調對公司今年至2026年盈利預測平均12%,以反映上半年業績及風能表現改善,同時上調對該股目標價,由24港元上調至25.2港元,目前市賬率1.3倍,高於此前的1.25倍,基於明年股本回報率料提升至15%。該行亦指,該股股息率跌至少於5%,屬合理水平。
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