Citi Lifts Ming Yang TP 33%, Upbeat on China’s Wind Power Push Thursday, December 23, 2021 09:05 AM By Bloomberg News
(Bloomberg) --Citigroup has boosted target price on Ming Yang Smart Energy by 33%, as it expects higher offshore wind turbine sales through 2030 amid China’s renewable energy push. Citi sees “V-shaped” growth in China’s offshore wind installation during its five-year plan through 2025, after a likely slowdown in 2022 due to cancellation of tariff subsidy, analysts including Lesley Li write in a note Ming Yang’s offshore wind turbine sales may decline next year, but this should be offset by higher onshore wind turbine sales on back of “historic high” orders backlog: Citi Brokerage raises earnings estimate for 2021-2023 by 2% and assumes higher offshore wind turbine sales in 2022-2025 and 2026-2030 New target price of 32 yuan implies 22% upside to last close