智通财经APP获悉，美银证券发布研报称，微升长江基建集团(01038)目标价，由54.4港元至55.1港元。虽然港元走弱及监管重置有利盈利，但考量其5%股息收益率与美国10年期国债4.4%收益率相比，估值合理，维持“中性”评级。
长江基建集团将于8月13日公布2025年上半年业绩，该行预期中期盈利将与去年同期持平，约为43亿港元，主要受三大因素相互抵消影响：英镑兑港元同比升值2%但澳元贬值4%;去年下半年并购的Phoenix Energy开始贡献收益;以及澳洲业务因税制改革导致利润出现高个位数下滑。管理层预计中期与末期股息将各同比增加1港仙。值得留意的是，英国电网业务(UKPN)下半年利润可能因异常调整周期的高基数效应而回落。
该行已将模型调整反映以下变量：调升英镑及澳元汇率假设、提高英国配气网络(NGN)、威尔士水务(WWU)及南澳电网(SAPN)的准许回报率(RoRE)，并相应上调2025至2027年每股盈利预测2%至5%。
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