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    1608   KYG939541085

VPOWER GROUP INTERNATIONAL HOLDINGS LIMITED

(1608)
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VPower International : BOC International Initiates Coverage on VPower Group with "BUY" Rating

08/03/2020 | 01:39am EDT

HONG KONG, Aug 3, 2020 - (ACN Newswire) - - BOC International initiated coverage on Hong Kong listed VPower Group International Holdings Limited ("VPower Group", stock code:1608) with a "Buy" rating in recognition of its solid growth momentum and the expected high earnings in the coming years.

Headquartered in Hong Kong, VPower Group is an integrated expert in distributed power generation. It principally engages in power system integration (SI) business, covering designing, integrating and sale of gas-fired and diesel-fired engine-based gen-sets and power generation systems, and Investment, Building and Operating (IBO) business, involving investing in, building and operating distributed power stations to supply reliable electricity. It is now a leading distributed power station owner and operator in Asia.

BOC International reckoned VPower Group's engine-based generation model has multi-faceted advantages, thus allowing the Group to fit into different markets especially the under-electrified markets and auxiliary services market. The firm believed VPower Group is well positioned to win more businesses given its solid track record in both developing and developed regions in the past few years.

BOC International highlighted that the commissioning of the Myanmar liquefied natural gas (LNG) to power projects with CNTIC in the near term would boost VPower Group's earnings growth. The firm estimated the projects will make a significant contribution to the Group's profit, leading to a net profit CAGR of 53% from 2019 to 2022. The successful commissioning of the three Myanmar LNG to power projects within a tight deadline has demonstrated VPower Group's capability and unique relationship with upstream engine suppliers to win future tenders.

Regarding the recent top-up placement in which VPower Group raised net proceeds of HK$299 million, BOC International pointed out the proceeds will further replenish the Group's balance sheet and get it prepared for future investments.

BOC International used SOTP methodology to value VPower Group in light of the different business nature of its IBO and SI segments. It initiated coverage with a BUY rating and a target price of HK$ 4.10, implying 11x 2021 P/E.

Copyright 2020 ACN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

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Financials
Sales 2021 3 117 M 401 M 401 M
Net income 2021 752 M 96,8 M 96,8 M
Net Debt 2021 2 361 M 304 M 304 M
P/E ratio 2021 8,32x
Yield 2021 2,98%
Capitalization 4 757 M 612 M 612 M
EV / Sales 2021 2,28x
EV / Sales 2022 1,82x
Nbr of Employees 628
Free-Float 22,0%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 1,81 HKD
Average target price 3,57 HKD
Spread / Average Target 97,1%
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Managers and Directors
Chong Man Lee Co-Chief Executive Officer & Executive Director
Tai Hong Au Yeung Co-Chief Executive Officer & Executive Director
Kam Shing Chan Chief Financial Officer & Secretary
Yee Chun Lam Executive Chairman
Siu Yuen Lo Chief Operating Officer & Executive Director
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