大和:予信義能源(3868.HK)目標價4.6港元 評級“優於大市”
大和發表研究報告表示,予信義能源(3868.HK)目標價4.6港元,評級為“優於大市”,並認為市場尚未完全將公司2019至2022年的可分配收入年複合增長率13%消化。該行又將公司的綠色業務組合視為估值可達香港公用事業公司股票估值的潛在長期動力。
大和表示,由於母公司信義光能(0968.HK)注入的產能增長,以及來自第三方的潛在收購,市場尚未完全意識到信義能源未來可分配收入的增長前景。公司制定了透明的派息政策,在2019年和2020年實現其可分配收入的100%,在2020年之後亦不少於90%。儘管正在進行的收購可能會令信義能源的負債率由2019年底的3%,升至2022年的68%,但相信可分配收入在2019至2022年仍將保持13%的年複合增長率。
該行又預計,2019至2022年的太陽能平準化能源(LCOE)將每年下跌7%,並將於2022年達到太陽能"市電同價"(grid-parity),主要由於太陽能電池(HJT)潛在商業化等,令太陽能發電場的安裝成本降低,而公司可能直接受惠,因為公司能根據太陽能發電場協議(Solar Farm Agreement)中的定價,以較低成本從母公司收購太陽能發電廠。

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