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目前的估值對大和資本看來要求很高，該公司將該股評級從強於大盤下調至持有。大和指出，今年到目前為止，這家太陽能逆變器製造商的股價已經飆升了137%，高於同行22%-115%的漲幅。由於需求疲軟可能對第四季度的銷售構成壓力，如果全年收益最終弱於預期，估值要求較高的公司可能面臨一些獲利回吐。這家日本銀行將日出2021年獲利預估下調3%。大和調整市盈率與成長率預估後，將該股目標價從175.00元上調至179.50元。股價下跌7.5%，至人民幣158.16元。(justina.lee@wsj.com)