{I-bank focus}BOCOM lifts China Longyuan (00916) to HK$12.13

    BOCOM International Research lifted its target price for China Longyuan Power (00916) to HK$12.13 from HK$6.49 but downgraded its rating to "neutral" from "buy".
  The research house said Longyuan's total/wind power gen came to 53.07bn/43.68bn kWh in 2020, an increase of 4.6%/7.3%. BOCOM estimated that installed capacity growth contributed ~5ppts of wind power gen growth, while reduced wind curtailment and better
wind conditions etc. contributed ~2ppts.
  BOCOM expects Longyuan's new installed capacity to reach 2.4GW in 2020, slightly above the guidance post interim results. Meanwhile, it expects Longyuan's installed capacity to increase significantly during the 14th Five-Year Plan period. Recently, Longyuan launched the A-share listing process. BOCOM believes the high valuation of A-shares is conducive to the company's fund-raising and expansion.