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小摩:公用事业股最新评级及目标价(表) 对香港中华煤气(00003)持谨慎态度

Komo: The latest utility stock ratings and target prices (table) are cautious about Hong Kong's China Gas (00003)

Zhitong Finance ·  Oct 27, 2022 12:00

Zhitong Financial APP learned that Xiaomo released a research report that public utility shares have fallen more than 30 per cent so far this year, and now see individual buying opportunities, believing that investors have taken into account the risk-free interest rate of about 5 per cent, while the current price of rated public stocks is offering a spread of 250bp, a historical average of about 170bp.

The bank points out that CKI (01038) and Power Assets (00006) provide opportunities to enter the market because the two companies currently have dividend yields of 7 to 8 per cent, the highest among their peers, attractive valuations and support from the recent stabilization of sterling; both contributed less than 10 per cent of their income from their Chinese operations in 2022, making them less affected by the epidemic. For$CLP HOLDINGS (00002.HK)$The valuation of the dividend return of about 6% seems reasonable. In addition, due to China's weak natural gas volume and profit margins, the bank$HK & CHINA GAS (00003.HK)$Be cautious, cutting profit forecasts for 2022-23 by 2 per cent and 3 per cent.

The translation is provided by third-party software.


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