HSBC Global Research raised its target price for VPower Group International (01608) to HK$5.3 from HK$4.9 and maintained its "buy" rating.
The research house noted that VPower on 16 June announced its power station in Myanmar, with an installed capacity of 477MW, started power generation in phases with LNG after closing on a power purchase agreement (PPA).
HSBC now has sufficient confidence that all three projects should commence operation in 3Q (previous: 4Q), and reach optimal efficiency in FY2021 (previous: FY2022). It increased its earnings estimates by 29% and 14% for FY2020 and FY2021, respectively.
02/07/2020 14:08
{I-bank focus}HSBC raises VPower Group (01608) to HK$5.3
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