《大行報告》大和升信義能源(03868.HK)評級至「持有」 目標價降至1.1元
大和發表報告,指信義能源(03868.HK)上月底宣布去年業績,可分配純利按年升20%至4.18億元。末期息每股2.6仙,意味全年度總派息每股6仙,按年收縮60%。報告稱,信義能源派息遠遜市場預期,但指派息比率50%及(以2月28日收市價計)5.5%股息率屬可以接受。管理層預期今年派息比率按年大致穩定。
報告稱,對公司今明兩年維持約50%派息比率屬正面,料今明兩年每股派息介乎7.3仙至7.7仙,意味預測股息率介乎6.4%至6.8%。
隨著太陽能模組成本及借貸開支下降,大和料信義能源今年產能有望按年增加22%,相當於額外增加800MW產能。隨著公司今年將更多港元債券轉移至人民幣,料其去年借貸利率(成本)已於5.3%見頂。該行料公司今明兩年財務成本增長將由2022及2023年各按年升44%及34%,放緩至今明兩年的9%及13%。
考慮公司採取新派息政策,該行降其今明兩年每股派息預測介乎5%至37%,目標價由1.75元降至1.1%,評級由「沽售」升至「持有」。
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