CMS能源公司

莫拉·肖尼西MFS公用事業(yè)

股票代碼：(CMS,?財富500強)

行業(yè)：公用事業(yè)

????由于投資者擔心股息稅可能上升，高派息的公用事業(yè)股票受到?jīng)_擊。46億美元MFS公用事業(yè)基金（MFS Utilities）的經(jīng)理莫拉·肖尼西認為，市場反應(yīng)過度。肖尼西說：“試圖按政府思路投資是輸家的游戲?！边^去十年，這只基金的表現(xiàn)超過了98%的公用事業(yè)基金，年均回報率14.5%。她依然看好高派息股，首選股之一就是密西根公用事業(yè)公司CMS能源（CMS Energy），股息收益率4%。

????CMS是一家受管制的公用事業(yè)公司，即定價由當?shù)匾粋€委員會決定。肖尼西表示，密歇根監(jiān)管部門已變得“非常透明、理性”，使得CMS能獲得不錯的回報率。肖尼西預(yù)計，未來五年CMS的利潤增長將達到4%-6%，高于大多數(shù)同業(yè)。雖然前景出眾，目前CMS的估值仍較同業(yè)折價10%左右。肖尼西表示，這是因為過去密歇根的監(jiān)管環(huán)境較差，公司過去負債太多。目前，CMS的資產(chǎn)負債表已經(jīng)有了改善，肖尼西預(yù)計公司或許不久就能獲得投資級信用評級。

????--M.K.

CMS Energy

Maura Shaughnessy?MFS Utilities

Ticker:?(CMS,?Fortune 500)

Sector pick:?Utilities

????As investors fret that taxes on dividends may rise, high-yielding utility stocks are taking a beating. Maura Shaughnessy, manager of the $4.6 billion?MFS Utilities Fund?(MMUFX), thinks the market is overreacting. "Trying to invest in what the government is going to do is a loser's game," says Shaughnessy, whose fund has powered past 98% of utilities funds over the last decade, returning an average of 14.5% a year. She still likes dividend stocks, and one of her favorites is CMS Energy, a Michigan-based utility with a 4% yield.

????CMS is a regulated utility, which means a local board sets its rates. Shaughnessy says that Michigan regulators have become "extremely transparent and rational," enabling CMS to earn a decent return. Shaughnessy expects CMS to boost earnings at a rate of 4% to 6% over the next five years, while most peers earn less. Despite its superior prospects, CMS is trading at a discount of about 10% to the group. Shaughnessy says that's because the regulatory climate in Michigan used to be worse and because the company used to carry too much debt. CMS has improved its balance sheet, she says, making it likely to receive an investment-grade credit rating soon.

????--M.K.