[ET Net News Agency, 12 September 2018] UBS Global Research maintained its target price
for CGN Power (01816) unchanged at HK$2.4, but upgraded its rating to "buy" from
"neutral".
The research house said citing its expert call with Nicobar Group said that 3G builds
are about to go live, which could help pave the way for a return to growth. With the
company's first-of-its-kind 3G nuclear project set to commence operation in 4Q, UBS sees
improved visibility regarding its nuclear business.
Thus, it thinks uncertainty around tariffs, capex, operation and growth will gradually
ease, based on our nuclear expert call. UBS also believes the capex cycle and gearing
ratio peaked in 2017, with declining gearing and improved free cash flow ahead.
UBS cut its 2018-20 EPS forecasts by 6-11%, mainly to factor in the company's announced
A-share issuance plan. (KL)
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01816 CGN POWER
Nominal 
2.640 +0.030 (+1.149%) Others
12/09/2018 17:53
[I-bank focus]UBS upgrades CGN Power (01816) to "buy"
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