招銀國際:維持偉能(1608.HK)確信買入評級 緬甸合營盈利能力高
招銀國際發表研究報告指,鑑於當前液化天然氣的現貨價格,該行從燃料成本優於預期中看到了偉能集團(1608.HK)的潛在上升空間,因此維持其確信買入評級,目標價由5.5港元微降至5.47港元,但仍較28日收市價2.99港元,高出82.9%。
招銀國際繼續關注偉能的緬甸合營企業,預計合資企業將產生超過20%的內部收益率,與集團一般的IBO(投資、建設及營運)項目相比,具有更高的盈利能力。該行又認為集團抓緊了一個很好的時機,擴大其以液化天然氣為燃料的分佈式發電項目,而充足的液化天然氣供應將有助集團更輕鬆地管理燃料成本,而相當大的液化天然氣使用量也將使偉能集團能夠充分利用其購買能力。
招銀國際認為,近期的股份配售將改善集團負債率,預計集團淨負債率將由2019年112.7%下跌至今年底的81.8%;又指市場對這次配股過度反應。該行有信心偉能將在20╱21財年實現高收益增長,預計淨利潤將分別達到7.11億和11.69億港元。

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