交銀國際:下調大唐發電(0991.HK)目標價至1.13港元 評級“中性”
交銀國際發表研究報告,考慮人民幣兑港元匯率調整,該行下調大唐發電(0991.HK)盈利預期,並將其目標價從1.18港元下調4.24%至1.13港元,維持“中性”評級。
據悉,大唐發電全資子公司雲南公司同意向雲南電力投資出售紅河發電公司的70%股權(總裝機容量660兆瓦),總對價為3.224億元人民幣。公告表示,預計交易完成後,大唐可獲得處置收益3.563億元人民幣。
交易事件對大唐而言呈中性影響。該交易將部分抵消公共衞生事件導致電力需求增長放緩及對2020財年自由性現金流的影響,另一方面大唐主要的弱點是利潤質量。
該行對大唐的盈利可見性保持謹慎態度,因為沒有跡象顯示其資產負債表質量會在短期內回升,該行還分別下調其2020-2022年的盈利預期0.9%、9.2%、9.1%,至13億人民幣、22億人民幣及25億元人民幣。

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