China WindPower +11.5%; UOBKH Targets HK$1.24
China WindPower (0182.HK) +11.5% at 58 HK cents, after stronger-than-expected FY08 results; net profit +198% on-year at HK$100.06 million; excluding non-wind power-related revenue at HK$216.3 million vs HK$181.8 million tipped by UOB KayHian, operating profit at HK$101.2 million vs HK$67.3 million. Says impressed with management's ability to raise installed wind power capacity to 170MW from 50MW within eight months; but cuts its earnings forecasts for FY09-FY10 by 13%-15% due to lower capacity growth tipped in FY09. Keeps at Buy, trims target to HK$1.24 from HK$1.67.
China WindPower (0182.HK) +11.5% at 58 HK cents, after stronger-than-expected FY08 results; net profit +198% on-year at HK$100.06 million; excluding non-wind power-related revenue at HK$216.3 million vs HK$181.8 million tipped by UOB KayHian, operating profit at HK$101.2 million vs HK$67.3 million. Says impressed with management's ability to raise installed wind power capacity to 170MW from 50MW within eight months; but cuts its earnings forecasts for FY09-FY10 by 13%-15% due to lower capacity growth tipped in FY09. Keeps at Buy, trims target to HK$1.24 from HK$1.67.
