偉能集團(01608.HK):緬甸23.2兆瓦電站如期投運,維持“買入”評級,目標價5.30 港元
機構:中泰證券
評級:買入
目標價:5.30 港元
緬甸KyunChaung發電站已經於6月3日如期投運
偉能集團於去年10月確認中標一個位於緬甸馬圭省木各具縣KyunChaung之23.2兆瓦發電項目已經於2020年6月3日投入商業營運(見圖表1),合乎我們預期。項目合約期為期24個月;當公司滿足一些特定要求後,可延長至最多60個月。項目投運正好滿足緬甸今年夏季電力需求的高峯。
另外三個緬甸合資項目也將於年中投運
根據我們瞭解,公司另外三個總裝機容量合共為1,059.5兆瓦之緬甸合資發電項目也將如期於今年年中投運,支持公司今明兩年盈利爆發性增長。
維持盈利預測
我們維持盈利預測,預計股東淨利潤將由2019年的港幣2.8億上升至2022年的港幣13.7億,期內複合年增長率達到68.9%。
重申“買入”評級
我們相應地將由貼現現金流分析推算的目標價維持於5.30港元(見圖表2-3),這對應12.6倍2021年市盈率和37.7%上升空間。重申“買入”評級。
風險提示:(一)項目開發延誤;(二)天然氣供應緊張;(三)政策風險;(四)電力需求放緩。

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