《大行報告》摩通上調潤電(00836.HK)目標價至20元 評級「增持」
摩根大通發表報告指,華潤電力(00836.HK)為內地第二大已上市的風電/太陽能營運商,且是唯一低於賬面價值(明年預測市賬率為0.8倍)交易的營運商。公司本年至今股價累升逾75%跑贏大市,同期國指跌5%,該行仍看到集團股份有上升潛力,因其再生能源資產市賬率僅為1倍,較同業的高於1.4倍有約30%的折讓。
摩通上調潤電股份目標價,由13元升至20元,評級維持「增持」,並調升集團明年及2023年每股盈利預測分別約9%及6%,以反映近期內地的電價政策容許更好的成本轉移,令毛利率有上升空間。而30億元的補貼應收帳證券化,亦代表有較預期為佳的現金收取。該行認為市場過度憂慮其火電敞口,因公司一年可產生150億元經營現金流。潛在催化劑包括再生能源資產分拆、煤價回落及碳交易市場利潤增加。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.