瑞银发表报告，对中电控股(00002.HK) 评级由“买入”下调至“中性”，并将目标价由74元下调至70元，因海外不利因素对公司短期基本面构成压力。
报告指，虽然中电的香港业务保持强劲且可预测，但2025年上半年业绩显示来自澳洲和中国内地的盈利压力。因此认为非本地业务表现不佳可能限制2025财年预期盈利增长，并导致2025年全年每股派息持平，该行此前预测为增长3%。但该行仍维持2026至2029年股息年均增长3%的长期预测，预期中电在非本地业务稳定后将逐步回归稳定增长轨道。
瑞银指出，以4.8%的远期股息收益率计算，中电相较美国十年期国债的49个基点收益率溢价，已收窄至低于历史平均值1个标准差，相较于行业73个基点的溢价吸引力有所下降。另外，该行对中电2025至27年盈利预测与市场预期一致。
该行降中电2025至27年各年盈测分别11%、8%及7%，反映去年业绩，今年上半年非本地业务表现逊预期，特别是中国内地及澳洲。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-13 16:25。)
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