花旗:予華潤電力(0836.HK)“中性”評級 目標價11.3港元
花旗發佈報告稱,予華潤電力(00836.HK)目標價11.3港元及“中性”評級。
該行稱,華潤電力公佈11月淨髮電量1490萬兆瓦時,同比增14.7%,其中燃煤增長12.2%至1530萬兆瓦時。由於冬季水力發電的競爭減弱,11月燃煤電廠的平均利用率為394小時,增長4.8%。由於建立風電場裝置導致預期2019及2020年現金流前景不佳,該股的估值為2020年預期市盈率0.6倍,為行業平均。
該行又稱,在內地燃煤電力行業,該行首選華電電力(01071)及和華能國際(00902),因為它們有自由現金流並且對煤炭成本削減的敏感性高於華潤電力。

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