Daiwa Research lifted its target price for Huaneng Renewables (HNR)(00958) to HK$3.17 from HK$2.9 but downgraded its rating to "hold" from "outperform" as further share-price upside seems limited.
The research house said HNR has announced its offer price for privatisation at HK$3.17 per share, representing PBRs of 0.95x 1H and 0.88x 2020. Daiwa expects the privatisation to gain approval, given the offer price seems reasonable and shareholders are aware the share price could drop significantly if it fails.
Daiwa expects completion of the privatisation by mid-January 2020 if everything goes smoothly.
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