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《大行报告》大摩上调新天绿色能源(00956.HK)目标价至3元 料估值重评动力持续
阿思达克 03-12 12:25
摩根士丹利发表研究报告,料新天绿色能源(00956.HK)估值重评动力持续,料其风电场最低资本回报率可维持10%,在风电及天然气业务均有盈利增长空间,并认为至今年中有望达成7%的股息收益率,维持「增持」评级,目标价由2.26元升至3元。

报告称,在上市风电企业中,新天绿色能源股本回报率属最高,主要受惠高利用率及电价补贴。与其他国有电企不同,新天绿色能源主要股东是河北省政府,没有政治任务执行内地燃料组合改变。该行料未来三至五年,公司将维持其500至600MW风电产能增长,并不会降其10%最低资本回报率(同业龙源电力已表明会由12%降至7%)。

大摩表示,河北去年天然气需求增幅属全国首五大省份之一。新天绿色能源拥省内最大供气网络,正建立液化天然气(LNG)接收站以建立综合天然气业务。该行料LNG接收站明年底投运,倘利用率上升,料可达至高股本回报率。去年公司销气量增8.9%,高於全国平均6%水平。

此外,报告补充,新天绿色能源属内地唯一主要风力发电商估值低於帐面值,其H股较A股折让达75%,属逾100家AH股中折让最大。今年1月其风力发电量按年升85%,意味去年12月有大量新产能增加,将为今年盈利带来强劲支持。

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