大行評級|大和:對獨立發電廠更有信心 上調大唐新能源及龍源電力評級至“持有”
大和發表研究報告指,在去年末季至今年首季煤價持續回調下,燃煤發電單位利潤擴張,煤電公司盈利或帶來驚喜,並跑贏整體能源板塊。其最新偏好排序首選煤電,其次是水力及可再生能源,最後是核能。在政策支持及估值低企下,該行現在對獨立發電廠更有信心。
大和對大唐新能源及龍源電力的悲觀程度減少,現時兩企估值相當於預測今年市賬率介乎0.6倍至0.7倍,估值趨合理,兩企評級各由“跑輸大市”升至“持有”,大唐新能源目標價由1.8港元升至2.1港元,龍源目標價則由6.1港元升至6.5港元。該行喜好華能國際電力及浙能電力,評級均爲“持有”,目標價分別5港元及5.4元人民幣。該行最看好中國電力,評級“買入”,目標價4.3港元。
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