China Longyuan Power Likely to Post Below-Consensus 2023 Profit -- Market Talk

Dow Jones02-08

0244 GMT - China Longyuan Power Group will likely post below-consensus 2023 net profit due to lower average wind tariffs and asset impairment loss, Citi analysts Pierre Lau and Bella Tian say in a research note. Citi cuts its 2023-2025 net profit forecasts by 6.3%, 1.4% and 0.9%, respectively, and opens a downside 90-day catalyst watch on Longyuan. Its share price dropped in 2023 due to concerns over lower tariffs from new projects and negative free cash flow, the analysts say, but lower equipment unit costs could boost new project returns going forward. Citi maintains a buy rating on Longyuan as its valuation is inexpensive, but cuts the power company's target to HK$6.20 from HK$6.50. Shares are last 0.2% higher at HK$4.87. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

February 07, 2024 21:44 ET (02:44 GMT)

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Its share price dropped in 2023 due to concerns over lower tariffs from new projects and negative free cash flow, the analysts say, but lower equipment unit costs could boost new project returns going forward. Citi maintains a buy rating on Longyuan as its valuation is inexpensive, but cuts the power company's target to HK$6.20 from HK$6.50. Shares are last 0.2% higher at HK$4.87. 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