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《大行報告》大摩上調新天綠色能源(00956.HK)目標價至3元 料估值重評動力持續
阿思達克 03-12 12:25
摩根士丹利發表研究報告,料新天綠色能源(00956.HK)估值重評動力持續,料其風電場最低資本回報率可維持10%,在風電及天然氣業務均有盈利增長空間,並認為至今年中有望達成7%的股息收益率,維持「增持」評級,目標價由2.26元升至3元。

報告稱,在上市風電企業中,新天綠色能源股本回報率屬最高,主要受惠高利用率及電價補貼。與其他國有電企不同,新天綠色能源主要股東是河北省政府,沒有政治任務執行內地燃料組合改變。該行料未來三至五年,公司將維持其500至600MW風電產能增長,並不會降其10%最低資本回報率(同業龍源電力已表明會由12%降至7%)。

大摩表示,河北去年天然氣需求增幅屬全國首五大省份之一。新天綠色能源擁省內最大供氣網絡,正建立液化天然氣(LNG)接收站以建立綜合天然氣業務。該行料LNG接收站明年底投運,倘利用率上升,料可達至高股本回報率。去年公司銷氣量增8.9%,高於全國平均6%水平。

此外,報告補充,新天綠色能源屬內地唯一主要風力發電商估值低於帳面值,其H股較A股折讓達75%,屬逾100家AH股中折讓最大。今年1月其風力發電量按年升85%,意味去年12月有大量新產能增加,將為今年盈利帶來強勁支持。

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