{"id":329540,"date":"2024-09-19T13:49:31","date_gmt":"2024-09-19T05:49:31","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=329540"},"modified":"2024-09-19T13:49:33","modified_gmt":"2024-09-19T05:49:33","slug":"stock-in-focus-citicore-renewable-energy-corp-crec-19-sept-2024-by-ap-securities","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/stock-in-focus-citicore-renewable-energy-corp-crec-19-sept-2024-by-ap-securities\/","title":{"rendered":"Stock in Focus: Citicore Renewable Energy Corp. (CREC) – 19 Sept 2024 by AP Securities"},"content":{"rendered":"\n

Summary of Broker’s Recommendation<\/h2>\n\n\n\n
Stock Code<\/strong><\/td>CREC<\/td><\/tr>
Company Name<\/strong><\/td>Citicore Renewable Energy Corp.<\/td><\/tr>
Broker<\/strong><\/td>AP Securities<\/td><\/tr>
Opinion Issued on<\/strong><\/td>19 Sept 2024<\/td><\/tr>
Recommendation<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 3.26<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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The awarding of CEPNS to CREC\u2019s projects is definitely a positive for the company, but this was already priced in to our Target Price (TP) estimate of P3.26\/share for CREC. Given that CREC\u2019s last traded price is nearly at our TP, we remain a HOLD on CREC despite our overall optimism on the company\u2019s prospects.<\/p>\n\n\n\n

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Analysis and Opinion<\/h2>\n\n\n\n

13 CREC projects receive coveted CEPNS<\/strong><\/p>\n\n\n\n

The DOE has awarded 13 CREC projects with Certificates of Energy Projects of National Significance (CEPNS), which would entitle them to faster regulatory approvals of 30 days or less. Moreover, a CEPNS would grant the holder the right to simultaneous processing of permits, meaning that permits can be processed without awaiting action from other government agencies which would normally be a pre-condition or requirement for processing. <\/p>\n\n\n\n

The rights granted by the CEPNS would extend not only to the power generation facility, but also to associated facilities or any equipment, facilities, infrastructure or fixtures attached to and integral to the project. This, we assume, would include transmission lines and roads that need to be built to transport construction materials, which are often the cause of delay for RE projects that are typically located in somewhat remote areas. <\/p>\n\n\n\n

Half of CREC\u2019s near-term pipeline<\/strong><\/p>\n\n\n\n

The 13 projects consist of 430-MW of ground-mounted solar and 362-MW of onshore wind, most of which were winning bids in the second round of the DOE\u2019s Green Energy Auction (GEAP-2). This is half of CREC\u2019s 1,583-MW pipeline of projects in the ready-to-build\/under construction phase, which are expected to start commercial operations within the next two years. The projects are spread across eight provinces: Bataan, Batangas, Camarines Sur, Iloilo, Negros Occidental, Pampanga, Pangasinan, and Quezon.<\/p>\n\n\n\n

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Check how many brokers recommend this stock<\/h2>\n\n\n\n
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All Stock Rankings<\/a><\/blockquote>