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大和:维持华能国际电力(0902.HK)“买入”评级
格隆汇 09-20 13:36

大和发表研究报告指,内地政府正加强对煤矿的安全检查,可能会因煤炭供应受影响而对煤炭价格提供支持,但预料煤炭价格不会大幅反弹。该行维持对中国神华(1088.HK)及华润电力(0836.HK)的“持有”评级,以及华能国际电力(0902.HK)买入”评级。

大和表示,今年8月份的原煤产量按年增长5%,增幅较7月份放缓7.2个百分点,该行认为9月及10月份的煤炭产量将会持续放缓,支持着煤炭价格。需求方面,该行就认为,煤炭需求可能会在今年第四季出现季节性的回升。该行相信,政府不希望煤炭价格在当前经济下行期间大幅上涨,并预计动力煤价格短期内将保持稳定。

该行又指,华润电力及华能国际电力等一些独立发电企业计划对风能进行大规模的资本支出,将对公司的现金流产生负面影响,可能会导致股息减少。

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