In today’s briefing:
- China Longyuan (916 HK): We Stay on the Bull Camp
- Kibo Energy (KIBO) Flash Note Warrants Offering ACF Equity Research 19042023
China Longyuan (916 HK): We Stay on the Bull Camp
- YTD, China Longyuan Power (916 HK) has seen its share price weak, but we believe focus should not be on the poor FY22 result and the moderate 1Q23 generation growth.
- Based on 5.5-6.5GW planned capacity expansion in FY23, this will mean a solid growth of 17.7-20.9% YoY. Coupled with efficiency improvement, we expect a sharp rebound in FY23 profit.
- With impairment on Ukraine mostly made and reversal of exchange and trading losses, there will be a big swing in bottom line. We welcome the improvement in cash flow too.
Kibo Energy (KIBO) Flash Note Warrants Offering ACF Equity Research 19042023
- UK reserve power – Pyebridge YE22E revenue £1.9-2.1m; 2xPOCs funded
- Debt to equity conversion ~ £0.7m – strengthening balance sheet
- South Africa WTE – Sustineri -Gauteng CHP 2.5 MW net. signed
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