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大和:降華能國際電力(0902.HK)目標價至2.5港元 首季盈利低於預期
格隆匯 05-08 13:19

大和總研發表研究報告指,近期煤炭價格大幅下跌導致華能國際電力(0902.HK)燃料成本在第二季下降,但電費風險存在,因此將其目標價由3.5港元下調28.57%至2.5港元,將評級由“持有”下調至“遜於大市”。

大和指,公司首季盈利低於預期,而能源輸出的下降並未完全被燃油成本下降所抵銷,再加上運營費用高於預期,預計第二季電力需求狀況將改善,燃料成本將進一步下降,但認為這些積極因素可能已經被消化,因為自3月底以來公司的股價已上漲22%。

大和指,隨着煤炭價格的大幅下跌,認為電費風險可能伴隨着政府降低企業成本壓力的動機而存在,而投資者可能並未完全考慮到這一風險。該行續指,根據較高的營業費用假設,將2020-2021年預測每股盈利削減13-15%。

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