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大行評級|摩根大通:AH股市波動加劇 建議投資者專注於防守型股票
格隆匯 03-03 10:51
摩根大通表示,隨着AH股市波動加劇,建議投資者重新專注於防守型股票的策略。對於國企高息股,該行看好華潤電力,因為該股受惠於煤炭價格下跌,且估值吸引,2025財年預計市盈率為6倍,收益率預期約為7%。雖然投資者擔心電費下調,但該行認為若煤炭價格持續回落,公司可能連續兩年實現火電利潤率擴張。對於香港高息股,該行看好香港中華煤氣,因其將受惠於美國10年期國債收益率近期回落,其收益率差將擴大至約140個基點。雖然其他香港公用事業公司可能繼續投資併購並增加資本開支,但該公司致力於減少資本開支的承諾及槓桿水平,以及其生物燃料子公司的潛在上市可能成為催化劑。另外,在A股板塊當中,該行看好國電南瑞作為防守型選擇,因該股2024財年預測收益超過95%來自國內,加上無關税風險,且將受惠於特高壓、配電/數位電網資本支出的加速審批。
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