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可以買入電能實業穩袋6厘高息嗎?

電能實業(SEHK:6)長線收息仍可持有? –

公用股的業務確定性高,股息分派穩定,是投資收息的吸引選擇。電能實業(SEHK6的業務板圖甚廣,旗下公用資產組合涉足英國、澳洲、中國內地、歐洲等多個市場。以下由三大核心貢獻分部拆解集團最新公布的2020年上半年營運成績。

英國市場規管收緊在即

英國地區的業務是集團貢獻最大的收益來源,分部的溢利貢獻在上半年錄得顯著跌幅,按年跌逾50%。英國撤回早前頒佈企業稅稅率調整,造成集團作出非經常性調整,儘管調整屬非現金項目,業績依然受影響。此外,集團旗下兩間配氣網絡公司將在明年4月踏入新規管期回報率預期會大幅下跌,前景不樂觀。

澳洲規管環境同樣嚴峻

澳洲業務是集團第二大貢獻分部,溢利貢獻按年下跌約10%。分部同樣面臨重大的規管收緊威脅,管理層指出其中兩個配電網絡——Victoria Power Networks United Energy就規管進行磋商時面臨監管機構強硬立場。較為樂觀的發展是,期內集團有兩個混合式可再生能源項目投入運作,輸電網絡亦成功將四個風電場併網有望在下半年帶來更多貢獻。

港燈電力穩步復甦

集團旗下港燈電力投資SEHK2638)是期內唯一錄得溢利增長的業務。這主要可歸因於去年准許回報率下調造成溢利大減後,今年上半年資本投資計劃持續擴大港燈的資產規模,准許回報上限因而提升。事實上,港燈目前溢利亦與新協議前水平有一段距離,但隨著另外兩台燃氣發電機組的工程持續,盈利仍有望在中期內穩步上升。

結語

電能實業的經營環境陰霾密佈,低息環境下准許回報率被監管機構下調,加上夥同長和系內成員收購新項目的可能性不高,長線投資收息不宜過分集中於電能實業

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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