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00916 CHINA LONGYUAN
RTNominal down5.750 -0.220 (-3.685%)
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10/12/2018 14:06

[I-bank focus]Morgan lifts China Longyuan (00916) to HK$6.6

[ET Net News Agency, 10 December 2018] Morgan Stanley raised its target price for China
Longyuan Power Group (00916) to HK$6.6 from HK$6.47 and maintained its "equal-weight"
rating.
The research house Longyuan in November issued two ultra-short debentures, of Rmb1bn
and Rmb1.5bn, at around 2.63-3.45% funding cost. The funding cost was 4.3%, which means
Longyuan saved around close to 1ppt in one year. The decline in funding cost is in line
with the general easing in China's financing environment today.
Morgan expects relatively stable capex of Rmb8bn for each year in 2018-20, assuming
installed capacity additions of 0.9GW, 1GW, and 1GW during the period (implying capex per
MW of Rmb8-9mn in 2018~2020). Depreciation rate remains relatively stable at 6.2%. (KL)

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