《大行报告》花旗:内地现货煤价跌穿合同煤价 华电盈利对煤成本敏感度较高
花旗发表报告表示,内地动力煤价指数(CCI5500)於昨日下跌8元人民币或1.4%,至每吨544元人民币,不单已连跌五周,现货煤价更低於一年合约煤价每吨546元人民币水平,该行估计内地现货动力煤价及合同煤价未来数周将会进一步下跌,因供热需求下降。
该行估计,中国动力煤现货价於今年将下跌5%至8%,并对内地燃煤发电股持审慎态度,因需求增长疲弱、投资者更重视环境、社会及管治。该行指在中资电力股中较喜爱华电国际(01071.HK),因料其纯利对单位燃煤价格成本敏感度较高,兼且目前估值不昂贵,现价仅相当於今年预测市账率0.4倍。
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