汇丰研究升华能(0902.HK)目标价至5.1港元评级“持有”
汇丰研究发表报告指,华能(00902.HK)上半年业绩符合该行预期,基於海外业务表现强劲和联营/合资贡献增加,将其目标价由5港元上调至5.1港元,维持“持有”评级。

报告补充,华能上半年收益按年大致持平,主因期内中国发电量按年下跌6%,而新加坡及巴基斯坦业务经营改善有所弥补。至於带动盈利上升的主因是燃料单位成本下降6%,降幅多过公司原本预期。
华能管理层预期,煤价于今年下半年会持续跌势,亦调整了全年煤价跌幅,由4%扩大至7%。至於负面因素方面,该行认为,中国电力需求下降仍限制行业使用率,华能於7月份发电量按年下跌13%,预料难以达到全年发电目标。
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