智通财经APP获悉，瑞银发布研报称，将港灯-SS(02638)的投资评级由“买入”下调至“中性”，目标价维持为6港元，指出港灯的股价年初至今累计升幅已达到20%，跑赢香港公用事业股约16个百分点，现价已反映其防御性质。
该行预计，随着美国开始进入减息周期，美国10年期国债收益率预计从目前4.1%降至2025年底的3.8%及2026年底的3.4%，风险偏好回升，资金或流向增长股，削弱港灯等防守性股份的吸引力。
该行指，目前港灯远期股息回报率为5.3%，较美国10年期国债收益率溢价115基点，低于历史平均水平逾1个标准差;较行业平均溢价仅11基点，亦低于历史平均的89基点，目前对港灯2025至2027年盈利预测与市场普遍预期一致。相比之下，长江基建集团(01038)估值更具吸引力，英国和澳洲监管政策的调整以及潜在并购亦带来更多发展机会。
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