电能实业(00006)涨近3%，截至发稿，涨2.46%，报58.2港元，成交额2.29亿港元。 美银发布研报称，预期电能实业2024至27财年盈利年均复合增长率达6%，因2025至26年的监管调整将 显著提升其澳洲资产的股本回报率。而能源转型推动的资本开支，将利好公司的受监管电网业务。此 外，其来自英国的50%盈利亦将受惠于美元贬值。该行指出，收购活动及资本循环或为营运资金带来额 外上行空间，并预期营运资金增长将超越股息增幅，从而令中期股息创造潜在增长空间。而美联储降息 周期及潜在并购成功，将成为股价催化剂。 ...

Core Viewpoint - The stock of Power Assets Holdings (00006) has seen an increase of nearly 3%, with a current price of 58.2 HKD and a trading volume of 229 million HKD, driven by positive forecasts from Bank of America regarding the company's earnings growth and capital expenditures [1] Group 1: Earnings Growth - Bank of America projects an average annual compound growth rate of 6% for Power Assets Holdings' earnings from fiscal years 2024 to 2027 [1] - Regulatory adjustments in 2025 and 2026 are expected to significantly enhance the return on equity for the company's Australian assets [1] Group 2: Capital Expenditures and Revenue Sources - The energy transition is anticipated to boost capital expenditures, positively impacting the company's regulated grid business [1] - Approximately 50% of the company's earnings from the UK will benefit from the depreciation of the US dollar [1] Group 3: Operational Funding and Dividends - Acquisition activities and capital recycling may provide additional upside for operational funding, with expectations that operational funding growth will outpace dividend increases [1] - This could create potential growth opportunities for mid-term dividends [1] Group 4: Market Catalysts - The Federal Reserve's interest rate cut cycle and potential successful mergers and acquisitions are identified as catalysts for the stock price [1]

该行指，收购活动及资本循环或为营运资金带来额外上行空间，并预期营运资金增长将超越股息增幅， 从而令中期股息创造潜在增长空间。电能实业2026年预测股息率为5%，属香港同业中最高水平，该行 认为具吸引力。而联储局减息周期及潜在并购成功，将成为股价催化剂。 美银发布研报称，首次复盖电能实业(00006)予"买入"评级，目标价63港元，预期公司2024至27财年盈 利年均复合增长率达6%，因2025至26年的监管调整将显著提升其澳洲资产的股本回报率。而能源转型 推动的资本开支，将利好公司的受监管电网业务。此外，其来自英国的50%盈利亦将受惠于美元贬值。 ...