Goldman Sachs lowered its target price for China Longyuan Power (00916) by 7.3% to HK$5.1 and maintained its "neutral" rating.
Longyuan Power reported September wind generation down 7.05%. Total generation came in at 3,362GWh, down 6.55%. Total wind generation came in at 2,685GWh, down 7.05%. The research house believes the decline was mainly due to a higher base in September 2018 and relatively weaker wind resources in September 2019 despite a 1.16ppt reduction in curtailment.
Goldman cut its 2019-21 net income estimates by 5.9%/5.8%/5.6% to RMB4,397, RMB4,842, and RMB5,542mn.