Goldman Sachs lifted its target price for Goldwind (02208) by 67% to HK$20 but downgraded its rating to "neutral" from "buy".
The research house expects the company to deliver solid wind turbine shipments in 2021 with margin recovering. Management expects to see faster growth in the Southeast Asia and South America markets in 2021.
For the US market, Goldwind plans to provide more maintenance service-related business, including the re-powering of old wind farm projects. While the company plans less EPC business in Australia, it does expect to expand more on the wind farm sales business.
Goldman lowered its 2020-22 EPS estimates by 0%/1.9%/3.3% after updating for the wind turbine business forecast.
22/01/2021 17:10
{I-bank focus}Goldman Sachs lifts Goldwind (02208) to HK$20
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