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Citi lowers VPower Group (01608) to HK$5.8
 Citi Research lowered its target price for VPower
Group (01608) to HK$5.8 from HK$6.2, and maintained its "buy" rating.
  The research house cut its VPower's 2017-19 net profits forecasts by 20-45% for slower 
than expected capacity addition of the leasing business of its power generator set, which
is also called Invest-Build-Operate (IBO) business.
  Citi estimated VPower's IBO installed capacity added 74MW in 2017, well below previous 
estimation of 469MW, because (1) its loan to Peru Iquitos project of 80MW with 56MW in 
operation from October 2017 was converted to 51% stake ownership only in February 2018;
(2) its three projects total 277.6MW capacity in Bangladesh was delayed to 2018, from
2017, for longer than expected bidding process; (3) its Ghana project of 56.2MW was
delayed pending local government approval for LNG import; and (4) the potential
acquisition of up to 143.2MW Goiania projects in Latin America remains in duediligence. 

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