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《大行報告》瑞銀降信義能源(03868.HK)目標價至1.2元 業績遜評級「中性」
阿思達克 02-29 11:46
瑞銀下調信義能源(03868.HK)目標價,由1.3元降至1.2元,評級維持「中性」。該行亦下調對公司2024年至2026年每股盈利預測8%、11%及12%,反映慢於預期的產能增長、更高利息成本及更低利用率,部分被單位資本開支下降所補償。 該行指,撇除一次性項目,公司去年經常性淨利按年跌15%,較該行及市場預期低11%及14%,全年派息減少六成,亦差於預期。該行指出業績有三項事項值得留意,包括利率上升導致淨融資成本按年升40%,去年發電產能利用時數按年跌2.5%及部分省分項目面臨被削減影響EBIT率下降1個百分點至66%,以及全年新產能增長達636.5兆瓦。
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