【出版时间及名称】：2010年3月全球电力行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：32
        【目录或简介】：

Global Utilities Insights
High Dividend Yielders
In our search for Utilities High Yielders, we have
selected 14 stocks out of our global coverage of 120
stocks. These stocks yield an average of 6.8% at
current levels, for dividends to be paid in 2010. These
companies not only offer greater than sector average
yield, but also some growth in dividends as well as a
high degree of sustainability of the dividend payment.
We have tried to avoid stocks for which a high yield may
just discount high-embedded financial risk.
The 14 stocks in our selection come from Australia
(DUET Group and SPN), Brazil (AES Tietê and CPFL),
the US (WR and AEP), Asia (PGAS), MENA (QEWC)
and Europe (SSE, NG, SRG, RWE, ACEA and GSZ).
We have not included any stock from Japan or India,
due to the low yielding characteristics of utilities in these
two countries.
We attract our readers’ attention to the new format
of our global product, with a new presentation of
performance, valuation and key financial metrics in the
industry segments, with breakdowns by region (pages
11-28).
On the commodity front, power and gas prices have
remained subdued in Europe and the US, in a
continuation of the theme underpinning our cautious
stance for European utilities (pages 9 and 10).
Over the past two weeks, the global utility sector
was down 0.4%, underperforming MSCI World (up
1.3%). Qatar, Australia and India were the top
performers (6.2%, 1.1% and 0.8%). Japan and Asia (ex
Japan) were up marginally (0.5% and 0.4%). The US,
Europe and Brazil underperformed (-0.5%, -1.0% and
-1.6%).