《大行報告》匯豐研究下調龍源電力(00916.HK)目標價至10.3元 評級「買入」
匯豐研究發表報告指,龍源電力(00916.HK)上半年盈利50.27億元人民幣,按年升19%,主要因為風電及太陽能在產能增加及使用時數提升下,發電量增加 ; 新項目的有效稅率較低 ; 在岸利率下調 ; 以及煤電發電量及煤炭交易合約帶來盈利貢獻。
報告指,股價年初至今的調整,已大致反映電價下調的風險、產能指引、附屬公司潛在減值的因素,以明年預測市賬率0.6倍計估值理想,新的風電及太陽能項目將會提供穩定及可持續回報。
該行認為,可再生能源項目的盈利佔比提升,煤電相關的貢獻減少,盈利分布的質素持續改善,維持「買入」評級,目標價由12.4元下調至10.3元。
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