《大行报告》瑞信升协鑫新能源(00451.HK)评级至「中性」 目标价上调至0.24元
瑞信发表报告指,协鑫新能源(00451.HK)过去数年面对明显的资产负债表压力,其自2018年底开始出售太阳能电场资产,而出售过程终於在去年加快,集团目前的产能下降至约4吉瓦。
该行相信,集团的资产负债表状况已改善,其现时估值似乎合理,相当於去年预测市账率0.6倍。而未来集团亦计划进一步出售太阳能电场资产,目标是将营运产能下降至少於1吉瓦。不过,与其他再生能源经营商不同,该行并不预期协鑫新能源可受惠於内地「十四五」规划的太阳能需求提升。
瑞信上调协鑫新能源股份评级,由「跑输大市」升至「中性」,以现金流折现率计,目标价由0.11元上调至0.24元,并调升集团2020年至2022年每股盈利预测5%至16%,以反映出售资产後节省财务成本。
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