Sungrow Power's Valuation Looks Demanding to Daiwa -- Market Talk
Sungrow Power's Valuation Looks Demanding to Daiwa -- Market Talk
0158 GMT - Sungrow Power Supply's current valuation looks demanding to Daiwa Capital, which downgrades the stock to hold from outperform. Shares of the solar inverter manufacturer have surged 137% in the year to date, above the 22%-115% recorded by its peers, Daiwa notes. With weaker demand potentially pressuring 4Q sales, companies with demanding valuations could face some profit-taking if full-year earnings turn out to be weaker than expected. The Japanese bank lowers its forecast for Sungrow's 2021 earnings by 3%. Daiwa raises the stock's target price to CNY179.50 from CNY175.00 after adjusting its price/earnings-to-growth estimates. Shares slide 7.5% to CNY158.16. (justina.lee@wsj.com)
0158GMT-Sungrowth Power Supply目前的估值对大和资本看来要求很高，该公司将该股评级从强于大盘下调至持有。大和指出，今年到目前为止，这家太阳能逆变器制造商的股价已经飙升了137%，高于同行22%-115%的涨幅。由于需求疲软可能对第四季度的销售构成压力，如果全年收益最终弱于预期，估值要求较高的公司可能面临一些获利回吐。这家日本银行将日出2021年获利预估下调3%。大和调整市盈率与成长率预估后，将该股目标价从175.00元上调至179.50元。股价下跌7.5%，至人民币158.16元。(justina.lee@wsj.com)