《大行報告》瑞銀上調龍源電力(00916.HK)目標價至6元 評級「買入」
瑞銀發表報告,相信同業近期的私有化,或會觸發投資者重新審視龍源電力(00916.HK),指其明顯估值折讓,因行業有關收購(主要是母公司)提供了42%至66%的溢價。該行認為,行業重新包裝所有再生能源資產,並在A股市場尋求更有利的估值屬合理,其中與龍源最接近的公司華能新能源(00958.HK),最近便以1倍市賬率進行私有化。
瑞銀表示,即使沒有私有化,龍源在明年仍有估值重評的可能,因預期集團的自由現金流將轉正,而且新平價項目消除了補貼問題,料推動集團明年及2022年盈利分別增長12%及16%,並有10%的股本回報率。
該行上調龍源電力股份目標價,由5元升至6元,此按現金流折現率作估值,相當預測今年市賬率0.8倍,評級維持「買入」,並將集團補貼現金流折讓由60%收窄至30%。(ek/W)~
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