大和:降华能国际电力(0902.HK)目标价至2.5港元 首季盈利低于预期
大和总研发表研究报告指,近期煤炭价格大幅下跌导致华能国际电力(0902.HK)燃料成本在第二季下降,但电费风险存在,因此将其目标价由3.5港元下调28.57%至2.5港元,将评级由“持有”下调至“逊于大市”。
大和指,公司首季盈利低于预期,而能源输出的下降并未完全被燃油成本下降所抵销,再加上运营费用高于预期,预计第二季电力需求状况将改善,燃料成本将进一步下降,但认为这些积极因素可能已经被消化,因为自3月底以来公司的股价已上涨22%。
大和指,随着煤炭价格的大幅下跌,认为电费风险可能伴随着政府降低企业成本压力的动机而存在,而投资者可能并未完全考虑到这一风险。该行续指,根据较高的营业费用假设,将2020-2021年预测每股盈利削减13-15%。

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