《大行报告》大和升龙源电力(00916.HK)评级至「跑赢大市」 目标价下调至4.9元
大和报告指龙源电力(00916.HK)股价自今年初已跌22%,主因2019-2021年间新风电场的装机量加快,使现金流情况恶化,目前预测明年市账率只有0.55倍,估值较华能新能源(00958.HK)停牌前的0.6倍预测市账率更低。
该行指,公司上半年纯利按年持平,核心盈利升5%至31亿元人民币,略逊该行预期。期内应占政府补贴帐款急升至181亿元人民币,财务净支出升9%,至6月底净负债比率环比升1.3个百分点至128.6%。
该行相信公司第三季风电使用量有下行风险,但料第四季会回升;调降2020至21年每股盈利预测2%,以反映较高营运成本预测,但因估值偏低,评级由「持有」升至「跑赢大市」,目标价由5.4元降至4.9元。
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