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00916 CHINA LONGYUAN
RTNominal down5.720 -0.250 (-4.188%)
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12/04/2018 17:36

[I-bank focus]UBS lifts China Longyuan (00916) to HK$8.5

[ET Net News Agency, 12 April 2018] UBS Global Research lifted its target price for
China Longyuan Power (00916) to HK$8.5 from HK$8, and reiterated its "buy" rating.
The research house believes the uncertainties around tariffs are priced in and it
expects Longyuan to deliver good earnings growth, at a 14% CAGR over 2018-20, on better
utilisation hours.
UBS forecast free cash flow yield for Longyuan to improve to 8-12% in 2018-20, and it
sees upside to the current dividend payout ratio of 20%. It thinks upcoming policy on
certificate trading, potentially to be announced in 2H 2018, and the strong 1Q 2018
results should support a further re-rating. (KL)

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