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招银证券6月23日发布公告。We initiate coverage of CR Power and arrive at a SOTP-based TP of HK$23.2with BUY rating. CR power is trading at0.90x/0.81x PB for FY23/24E, which is lower than its peer’s avg. PB of1.4x/1.2x. The valuation is attractive. We arrive at a SOTP-based TP of HK$23.2with BUY rating, based on1.4x FY23E PB of renewable segment (~peers avg. PB of1.4x in FY23E) and0.7x FY23forward PB of thermal segment (~peers avg.PB of around0.8x in FY23E).
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