东方电气_上调至买入评级_买入_风险收益性价比突出

Dongfang Electric (1072 HK/600875 CH) H/A: Upgrade to Buy/Buy: A good risk/reward play China Risk/reward looks attractive: We previously had Reduce/Reduce ratings on Dongfang H/A as we thought the rally back in July driven by news of the Yarlung Zangbo hydropower plant was unjustified (please see Dongfang Electric: Downgrade to Reduce: Overcooked on Yarlung Tsangpo, 22 Jul). However, after a cooldown in the share price recently, Dongfang H now trades at 12x 2026e PE, at +1SD above past-three-year mean PE, d ...