大行评级|花旗:维持港灯“中性”评级,业绩符预期惟每股股息乏增长

格隆汇
Aug 12
花旗发表报告,维持对港灯“中性”评级,目标价7港元,因上半年业绩符合预期。公司拥有防御性盈利基础,来自香港电力业务按受规管资产基础计算的固定8%资产回报率,而该资产基础正以2.8%的五年复合年增长率上升。该行指,虽然港灯2026-2028年预期5%息率尚属不错且可持续,但并未明显高于目前美国10年期国债收益率4.7%。此外,港灯的每股股息缺乏增长,因此该行认为该股类似于债券型投资,若美元利率上升,股价可能会出现下行空间。

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