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《大行報告》大和下調信義能源(03868.HK)目標價至2.65元 評級「跑贏大市」
大和發表報告指,信義能源(03868.HK)未來的每股派息或在一次性扣除電價調整後回歸正常水平,並料集團於今年仍有可能加快收取應收補貼,重申其「跑贏大市」評級,惟將2023至24年的每股盈測降6.3至10.2%,目標價相應由3.7元下調至2.65元。 該行表示,基於太陽能組件價格的不確定性以及集團對併購的謹慎態度,將其太陽能光伏電站收購預測下調至今年的0.9GW和2024年的1GW。因此,將2023至24年的收入預測下調6.4至9.1%。 另外,儘管集團正將其融資渠道變得多元化,但該行認為,高融資成本仍會是其主要阻力,預計融資成本將在今年保持在3.71億元、2024及25年則分別在4.73億元和5.55億元的高位。不過,該行料集團持續收取的補貼將可緩解其融資成本壓力。
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