《大行报告》美银证券下调华能(00902.HK)目标价至2.4元 前景令人审慎
美银证券发表报告指,华能(00902.HK)有数个令人看法审慎的原因,包括煤电厂资本开支增加,令投资资本回报率下降;煤电厂利用小时下跌;资产减值及科技升级开支增加;电费削减;资本开支及负责比率上升;燃料成本提高;及减碳目标令碳交易成本增加。
该行指,燃料成本方面,该行提到年初至今平均煤价介乎每吨580至590元人民币,对比去年第四季为559元人民币。而集团指引明年煤价仅轻微下跌,对比该行预期为按年降低4%。
美银证券下调华能股份目标价,由2.5元降至2.4元,维持「跑输大市」评级,并下调集团今年至2022年每股盈利预测分别3.9%、3.3%及3.7%。
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