《大行》中銀國際:信義能源(03868.HK)進軍馬來西亞或提升股本回報率 維持「買入」評級
中銀國際研究報告指出,信義能源(03868.HK)今年上半年淨利潤按年增長23%,超出市場預期。公司積極進行債務再融資,其上半年利息支出按年減少19%。結合稅務支出下降,公司成功應對限電惡化(今年上半年毛利率降至62%,爲2019年上市以來最低水平)。
中銀國際表示,信義能源最近幾季展現了嚴格的資本支出紀律,助其於今年上半年實現正面自由現金流;又認爲其進軍馬來西亞市場,將有望提升股本回報率,維持對信義能源的「買入」評級,及基於現金流量折現法,目標價定爲1.5元,隱含2026年4.1%股息收益率(假設50%派息比率)。
中銀國際認爲,作爲民營企業,信義能源在收購新資產時,展現審慎的品質與時機判斷,包括從母公司信義光能(00968.HK)的收購上。2025年上半年僅收購30兆瓦新項目,並在省級關稅政策明朗前保持謹慎前進步伐,認爲其審慎態度有利於股東並將獲投資者正面迴應。
中銀國際又認爲,信義能源正與海外合作夥伴開發馬來西亞太陽能電廠,信義家族企業在當地擁有豐富營運經驗。馬來西亞100兆瓦合資太陽能電廠(信義能源持40%股權)將於2025年下半年動工,作爲海外擴張的試點項目,中銀國際認爲這將長期提升信義能源的盈利能力。
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