---
title: "《大行》瑞銀：出售 UKPN 交易對電能屬正面"
description: "瑞銀指出，長建、電能及長實向 Engie 出售 UKPN 的交易對電能整體正面，預計電能將錄得約 107 億元收益。交易估值具吸引力，但短期內特別股息派發可能性不大，電能可能更傾向於資金用於新收購。維持對電能的「買入」評級，目標價 70 元。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/277157486.md"
published_at: "2026-02-27T06:48:23.000Z"
---

# 《大行》瑞銀：出售 UKPN 交易對電能屬正面

> 瑞銀指出，長建、電能及長實向 Engie 出售 UKPN 的交易對電能整體正面，預計電能將錄得約 107 億元收益。交易估值具吸引力，但短期內特別股息派發可能性不大，電能可能更傾向於資金用於新收購。維持對電能的「買入」評級，目標價 70 元。

長建 (01038.HK)、電能 (00006.HK) 及長實 (01113.HK) 向法國能源企業 Engie 出售共同持有的英國配電網絡營運商 UK Power Networks(UKPN) 全部權益，交易基本代價合計超過 1,100 億元，據指企業價值達到 1,768 億元。

瑞銀髮表研究報告指，電能在是次交易中應占基本代價為約 443 億元，預料錄得收益約 107 億元，認為是次交易於電能而言整體正面，以 UKPN 監管資產基礎 (RAB) 計算交易估值具吸引力。但從資本配置角度而言，該行認為電能短期內派發特別股息的可能性不大，相信公司更傾向將資金重新配置用作潛在新收購。若缺乏合適的收購目標，則派發特別股息的可能性將會增加。

該行估計出售 UKPN 對電能盈利表現的影響不大，維持對電能的「買入」評級，目標價 70 元。

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## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| CK Hutchison Subsidiaries, CK Asset to Sell U.K. Electricity Distributor to France's Engie | CK Hutchison subsidiaries Power Assets, CK Infrastructure, and CK Asset plan to sell UK Power Networks to France's Engie | [Link](https://longbridge.com/zh-HK/news/276985525.md) |
| Engie Raises Guidance After $14.2 Billion UK Power Networks Acquisition | Engie has raised its 2026 earnings guidance following its $14.2 billion acquisition of UK Power Networks. Despite a decl | [Link](https://longbridge.com/zh-HK/news/276995938.md) |
| French Utility Engie Posts Lower FY25 Net Income, Revenue | French Utility Engie Posts Lower FY25 Net Income, Revenue | [Link](https://longbridge.com/zh-HK/news/276997211.md) |
| CK group agrees to sell UK electricity operator for US$14.2 billion | CK Infrastructure Holdings, CK Asset Holdings, and Power Assets Holdings have agreed to sell UK Power Networks to Engie  | [Link](https://longbridge.com/zh-HK/news/276970338.md) |
| China Everbright Water Issues Cautious FY2025 Results Presentation | China Everbright Water has released its FY2025 annual results presentation, detailing its operations and management pers | [Link](https://longbridge.com/zh-HK/news/277145233.md) |

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