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大和:下調華電福新(0816.HK)目標價至1.7港元 評級“優於大市”
格隆匯 11-01 14:57

大和發表研究報告指,華電福新(0816.HK)10月股價累升10%,因市場預期公司第三季經常性盈利按年增長逾20%,以及水力發電按年強勁增長90%,但預計水力發電業務復升已難以持續下去,因基數較高,相信投資者會把焦點從水力發電業務復升,轉移至在今年第四季至2021年風力發電資本開支週期引起的負現金流,將目標價由2.4港元下調至1.7港元,投資評級亦由“買入”降至“優於大市”。

大和續指,隨着燃煤獨立發電廠的盈利改善,預期公司第四季盈利只有單位數增長,亦預料華電福新的水力發電產能會維持穩定直至明年8月,因其基數較高,並指煤價格持續調整,獨立燃煤發電廠盈利短期內有望復升,亦料華電福新將持續受惠於燃料及能源價格之間的差距。

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