vested
Credit Suisse initiated coverage of Longyuan (00916) with an "outperform" rating, and a target price of HK$8.78.
The research house expects Longyuan, the largest wind operator, to see a 24% capacity CAGR (2010-12), driving a 33% earnings growth, with strong resource pipeline and balance sheet.
Credit Suisse expects some earnings risk for its coal power (5-7% of earnings) exposure in 2011, but it also sees contribution falling to about 3% by 2012, as wind capacity takes over (growing about 2 GW p.a.). (KL)
http://content.etnet.com.hk/content/uob ... E210217164