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Bocom Int'l: Maintains 'Neutral' rating on Datang Renew (01798), lowers target price to HKD 2.02.
BOCOM Intl anticipates that Datang Renew (01798) will see a YoY decrease of 7.9% in profits for the first half of this year.
China Datang Issues Mid-term Bonds of 1 Billion Yuan
Datang Renew (1798.HK): Expected weak performance in the first half of the year, but there is still potential bullishness due to the low net debt ratio.
Expected year-on-year decline in profits in the first half of the year. We expect the company's profits in the first half of this year to decline by 7.9% year-on-year to 1.64 billion yuan (RMB, same below). In the first half of the year, the company's wind power generation decreased by 4% year-on-year, mainly due to the decrease in wind speed.
Datang Renew (01798.HK) issued 1 billion yuan worth of medium-term notes.
On July 25th, Gelonghui reported that Datang Renew (01798.HK) announced the issuance of its first medium-term notes for the year 2024. The total amount of this issuance is 1 billion yuan, with a term of 3 years, a face value of 100 yuan, and an issuance interest rate of 2.08%. The interest will start from July 24, 2024. The funds raised from this issuance after deducting the issuance costs will be used to replace existing interest-bearing debts.
Breaking news: Electric power stocks rise against market trend as the International Energy Agency (IEA) predicts strong global demand for electrical utilities will continue into next year. Domestic demand for electric power is expected to exceed 6% growth
On July 24th, electricity stocks rose against the trend. As of press time, CGN Power (01816.HK) rose 7.16%, to HKD 3.59; Datang Renew (01798.HK) rose 5.39%, to HKD 2.15; China Res Power (00836.HK) rose 4.16%, to HKD 22.55. Market source: Futubull. IEA predicts that global electricity demand will increase by 4% in 2024, the highest level since 2007 (excluding the exceptional downturn in demand caused by the 2010 global financial crisis and the 2021 COVID-19 pandemic)
Hong Kong stocks surged, wind power stocks generally rose, wind power generation accounted for a higher percentage in June, and offshore wind power construction in the deep sea may accelerate.
Wind power stocks generally rose. As of press time, Datang Renew (01798) rose 4.9% to HKD 2.14; Goldwind Science & Technology (02208) rose 4.44% to HKD 3.76; China Longyuan (00916) rose 3.06% to HKD 7.4.
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