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長建vs中電 二選一誰是收息之選?

長江基建(SEHK:1038)及中電控股(SEHK:2)哪隻表現更應買入收息? –

公用股是不少收息組合的重要資產,最近香港上市的兩家國際級公用企業——長江基建(SEHK:1038)及中電控股(SEHK:2)先後公布2020上半年業績,那隻表現更佳?

長江基建及中電控股同為收息投資者鍾愛的熱門收息股,兩家公司在過去一直穩持著穩定的分派,當中長江基建更有逾20年增加分派的紀錄。兩家公司的業務模式有不少相似之處,兩者同樣在香港市場經營電力業務,並積極在海外地區尋求增長。

香港業務穩健

香港電力市場只有兩個營運商,分別是長江基建旗下港燈(SEHK:2638),以及中電的香港分部。兩家公司的香港業務在2019年度均錄得顯著盈利倒退,原因是兩者同樣在去年按照新的管制計劃協議來營運,准許回報率被下調近2成。今年兩大營運商展開新的資本投資計劃,准許回報的計算基數持續擴張,

中電香港分部營運盈利在過去半年增加4.6%,而港燈的經營盈利於上半年按年跌3.3%,但股份持有人應佔溢利則在期內錄得約14%增幅。隨著港燈及中電香港的資本開支計劃在中期持續實行,長江基建及中電所享盈利貢獻有望增加至新規管前水平。

海外市場遇挫

長江基建過去積極在海外尋求增長,投資項目以受監管業務為主,當中英國對集團的貢獻尤其顯著。然而,監管持續收緊,長江基建在剛過去半年就有項目因准許回報下降而貢獻大減,例如英國水務項目——Northumbrian Water。展望中期,集團旗下多個海外項目的准許回報均預期會被下調,例如英國的Northern Gas Networks 及 Wales & West Gas Networks,以及澳洲的SA Power Networks。

至於中電,集團在過去半年的香港以外業務表現較長江基健穩定,當中澳洲分部錄得44.9%營運盈利增長(如不計公平值收益則微跌)。不過,中電同樣面對著監管收緊的風險,只不過新規管的負面影響有較大部分已反映在去年業績,而且集團的非零售能源業務在期內錄得增長,抵消了電力零售表現不振的影響。

結語

論增長前景,近年中電積極在中國內地擴張可再生能源業務,行業仍處於政策推動時期,增長前景較樂觀,而長江基建的收購增長策略或會受累於政治局勢不穩。長線投資收息,中電的增長前景或更吸引,惟澳洲規管仍有相當高的不確定性。

編輯:Cyrus

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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