偉能集團(01608.HK):順利簽訂緬甸合資項目的購電協議,重申“買入”評級,目標價5.70 港元
機構:中泰證券
評級:買入
目標價:5.70 港元
公司於6月24日簽訂兩個緬甸發電項目的購電協議
繼公司與中國技術進出口集團有限公司(“中技公司”)各持股一半位於Thaketa的首個緬甸合資天然氣發電項目於6月14日起分階段投運後,偉能集團就餘下兩個位於緬甸Thanlyin和KyaukPhyu與中技公司合資的天然氣發電項目,於6月26日與緬甸電力和能源部旗下ElectricPowerGenerationEnterprise簽訂購電協議,初始合約期皆為60個月。總裝機容量582.4兆瓦已於2020年6月30日起分階段投運。
公司的運營風險低於我們當初預期
我們於今年5月22日首次覆蓋公司時,在估值模型中定下較高風險溢價假設。是次公司簽訂購電協議反映公司的運營風險低於我們當初預期。
上調目標價至5.70港元,重申“買入”評級
降低風險溢價假設後,我們相應地將由貼現現金流分析推算的目標價由5.30港元上調7.5%至5.70港元(見圖表1-2),這對應13.5倍2021年市盈率和28.7%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。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.