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《大行報告》摩通升龍源電力(00916.HK)目標價至7.1元 受惠「十四五」期間新能源政策
阿思達克 11-23 14:28
摩根大通發表報告,調整對龍源電力(00916.HK)的預測模型,以反映今年第三季的經營趨勢、首十個月的風電發電數據,及燃料成本趨勢和煤電發電數據。

該行認為,集團可受惠於中國的電網平價發展,隨著技術進步,明年開始的新風能/太陽能電場項目將達平價狀態。平價項目可在不依靠補貼的情況下產生合理回報,且與補貼項目相比現金流有所改善。該行相信明年開始龍源現金流更佳的項目組合提升,將成其估值重評的推動力。

另外,摩通提到去年年初,香港有7間從事風電業務且由國企電力集團擁有的上市公司。而去年3月至今已有其中4間獲母公司提私有化,基於內含價值/產能的折讓,該行認為龍源有私有化的可能。

摩通上調龍源電力股份目標價,由6.6元升至7.1元,評級維持「增持」,並調升集團今年至2022年的盈利預測3%。該行估計,中國公布「十四五」期間的新能源發展計劃,及產能增加和風速穩定令今年下半年盈利增長強勁,可成龍源的正面催化劑。

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