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《大行》滙豐研究升福萊特玻璃(06865.HK)及新奧能源(02688.HK)目標價 亦看好協鑫(03800.HK)、龍源電力(00916.HK)、中電(00002.HK)及長建(01038.HK)

HSBC Research raises target prices for flat glass (06865.HK) and enn energy (02688.HK), also bullish on Xinxiang (03800.HK), china longyuan (00916.HK), CLP Holdings (00002.HK) and CK Asset (01038.HK).

AASTOCKS ·  Oct 7 11:34

HSBC Global Research has released a report on Chinese public utilities, bullish on multiple utilities and electrical utilities-related stocks.

In terms of photovoltaic stocks, the bank pointed out that recent macro measures introduced by China may boost photovoltaic installations. The upstream sectors of polysilicon and solar glass materials are expected to have better opportunities in the coming quarters. Based on the current destocking situation implying short-term pricing support, related stocks are also inclined to exhibit sensitive performance. The bank prefers flat glass (06865.HK) and GCL-Poly Energy Holdings (03800.HK).

Regarding gas stocks, assuming industrial demand for natural gas assistance and the necessary expenses of household utilities, ENN Energy Holdings (02688.HK) is a relevant choice. Based on its related business accounting for 47% of last year's gross profit and core profits reaching the guided trajectory so far this year, it should be able to offset the stock price retracement since April.

For electric power stocks, there is a preference for Datang International Power Generation Co., Ltd. (00916.HK), based on its 0.6 times market-to-book ratio, even though electricity prices and capacity utilization are under pressure. Potential subsidy agreements and carbon emission trading policies are catalysts worth noting. Hong Kong utility stocks provide protection against unexpected market fluctuations, with a preference for CLP Holdings Limited (00002.HK) among these stocks, based on its strengthened operations and profit. Next is China Yangtze Power Co., Ltd. (01038.HK).

The following table shows HSBC Global Research's investment ratings and target prices for the related stocks:

Stock │ Investment rating │ Target price

Flat glass (06865.HK)│Buy│14.1 yuan -> 15.9 yuan

GCL-Poly Energy Holdings (03800.HK)│Buy│1.7 yuan

ENN Energy (02688.HK) │ Buy │ From 67 to 77 yuan.

Longyuan (00916.HK) │ Buy │ 8.6 yuan.

CGN Power (01816.HK) │ Hold │ 3.6 yuan.

CLP Holdings (00002.HK) │ Buy │ 78 yuan.

China Communications Construction (01038.HK) │ Buy │ 68 yuan.

The translation is provided by third-party software.


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