中金:上調信義能源(3868.HK)評級至“跑贏行業” 目標價3.4港元
中金髮表研究報告指出,信義能源(3868.HK)母公司有意開發更多平價項目,因此預計信義能源目標收購項目充足,收購平價項目有望顯著改善現金流和股息,將公司評級上調至“跑贏行業”,並調升其目標價39.3%至3.4港元。
報告指出,公司計劃每年以10-20%的增速收購新項目,預計每收購1GW平價太陽能發電場項目將貢獻2.2億港元額外股息,基於股息折價模型對應每股0.35港元。雖然補貼回收有所延遲,但強勁的現金流有望支撐穩健的股息,上調2021年底公司整體裝機容量預測至2.8GW,同時上調2021年盈利預測3%至13.25億港元。

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