《大行報告》瑞信升協鑫新能源(00451.HK)評級至「中性」 目標價上調至0.24元
瑞信發表報告指,協鑫新能源(00451.HK)過去數年面對明顯的資產負債表壓力,其自2018年底開始出售太陽能電場資產,而出售過程終於在去年加快,集團目前的產能下降至約4吉瓦。
該行相信,集團的資產負債表狀況已改善,其現時估值似乎合理,相當於去年預測市賬率0.6倍。而未來集團亦計劃進一步出售太陽能電場資產,目標是將營運產能下降至少於1吉瓦。不過,與其他再生能源經營商不同,該行並不預期協鑫新能源可受惠於內地「十四五」規劃的太陽能需求提升。
瑞信上調協鑫新能源股份評級,由「跑輸大市」升至「中性」,以現金流折現率計,目標價由0.11元上調至0.24元,並調升集團2020年至2022年每股盈利預測5%至16%,以反映出售資產後節省財務成本。
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