0738 GMT - Citicore Renewable Energy remains the most scalable renewable-energy growth play in the Philippines, Maybank Securities analyst Germaine Guinto says in a research report as the brokerage reiterates the stock's buy rating. Citicore Renewable Energy's fully integrated business model, healthy offtake pipeline and progress on project execution drives the brokerage's confidence in the Philippine company's sustained earnings delivery over next few years. However, the brokerage cuts its 2025 earnings forecast for the company by 64% to reflect updated energization timelines for the renewable energy developer and operator's plants, resulting in a lower target price of PHP4.30 versus PHP4.50 previously. Shares are 0.3% lower at PHP3.79. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
April 22, 2025 03:38 ET (07:38 GMT)
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