瑞信:检视中港公用股 料有三大途径创造价值
瑞信发表报告指,公用股面对需求表现具挑战性及投资减少,相信内地公用股将审视其资本开支策略,并专注于为股东创造价值。该行指出,过去九个月内有3间公司表示将会提升派息比率,另外两间则会限制资本开支。
该行根据潜在加派息机会、管理资本开支、现金流是否强劲及资产负债表是否稳健等方面进行评分,其中北控(0392.HK)
及润电(0836.HK)
于有关评估中取得满分,并最具有加派息潜力。其次为润燃(1193.HK)
及中电(0002.HK)
,其中中电评级获调升至“
跑赢大市
”。
除了股息外,尚有两项途径创造价值,分别为私有化潜力及在有利可图的业务上作出投资。该行指,除已公布计划私有化的华能新能源(0958.HK)
外,龙源电力(0916.HK)
亦有机会私有化。中国燃气(0384.HK)
、新奥能源(2688.HK)
及信义光能(0968.HK)
具有核心业务增长潜力,其资本开支计划具盈利能力,并可维持有质素之增长。煤气(0003.HK)
则重申“
跑输大市
”评级。
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