《大行報告》瑞信上調協鑫新能源(00451.HK)目標價至0.28元 評級「中性」
瑞信發表報告指,協鑫新能源(00451.HK)在停牌後公布業績,去年虧損14億元人民幣,對比早前盈利警告預期為虧損多於9億元人民幣,主要是由於資產出售導致減值損失15億元人民幣。公布業績後公司已於昨日(7日)恢復交易,而母企保利協鑫能源(03800.HK)預期不遲於4月12日公布去年業績。
該行表示,公司出售太陽能電場的進程於去年下半年顯著加快,由去年初至今公司公布了約2.7吉瓦的出售協議,可將其產能於今年底降至不多於2.8吉瓦,預期公司的負債比率於今年度可降至109%。
由於出售資產及減少槓桿的過程加快,令負債成本假設下降,瑞信上調協鑫新能源股份目標價,由0.24元升至0.28元, 評級維持「中性」。
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