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新天綠色能源(00956.HK);期望將補發去年股息及派發中期特別股息,維持“買入”評級,目標價2.50港元
格隆匯 06-26 09:02

機構:中泰證券

評級:買入

目標價:2.50港元 

A 股將於 2020 年 6 月 29 日在上海證券交易所掛牌

公司公告已完成A股IPO,按每股人民幣3.18元發行1.35億新股。公司總股本上升3.6%。主要股東河北建投之持股比例也由A股發行前的50.50%下降至48.73%。A股(股票代碼:600956)將於 2020 年 6 月 29 日(下週一)在上海證券交易所掛牌。我們相信公司也會信守承諾,於 A 股掛牌後,“補發”2019 年股息。我們預期公司今年將派發中期特別股息。

A 股 IPO 成功可提升公司長遠融資能力

雖然是次 A 股 IPO 規模不大,但是可以提升公司長遠融資能力。我們預計公司未來將會增發 A 股,支持不斷擴容。

微調目標價,維持“買入”評級

我們微調2020-2021年盈利預測(見圖表1) ,並加入2022年預測。考慮到是次A股IPO成功的好處,我們因此將由貼現現金流分析(DCF)推算的目標價由2.30港元微調至2.50港元(見圖表 2 和 3),這對應 5.3 倍2021 年市盈率和 31.6%上升空間。維持“買入”評級。

風險提示:(一)項目開發延誤、(二)應收賬款風險、(三)併網電價下跌。

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