Wind power generation of Longyuan (0916) rose over 30% YoY in 1H13 --------------------------------------------------- China Longyuan Power announced that its total power generation in June amounted to 2.5m MWh, up 14.4% YoY. Coal power generation declined 4.7% YoY in June, while wind power generation and other renewable energy power generation went up 27.0% and 38.5% YoY, respectively. In 1H13, Longyuan’s total power generation amounted to 16.7m MWh, up 16.4% YoY. Coal power generation fell 5.9% YoY, while wind power generation and other renewable energy power generation grew 31.4% and 10.8% YoY, respectively. Longyuan has sound growth prospects, although its debt level is high. According to Bloomberg’s consensus, Longyuan is expected to have a 3-year EPS CAGR of 19%. The counter last traded at an estimated PER of 15.9X. Valuation is fair. Michael TAM, CFA.
Posted on: Tue, 09 Jul 2013 02:59:24 +0000