《大行報告》匯豐研究下調華能(00902.HK)目標價至2.8元 評級「持有」
匯豐環球研究發表報告指,華能國際電力(00902.HK)發盈喜,按中國會計準則,去年純利料按年增長163%至195%,到41億至46億元人民幣。雖然按年有強勁改善,但去年全年純利僅相當於集團首九個月純利91億元人民幣的一半。若扣除優先股股東利益,料純利介乎27億至32億元人民幣,明顯低於該行預測的76億元人民幣。
該行表示,去年11月內地現貨煤價上升,難以完全解釋集團第四季料錄虧損45億至50億元人民幣,估計又一次錄得顯著減值損失是季度虧損的主因。而華能於2019年亦錄得63億元的減值虧損,幾乎耗盡該年的經營利潤,相近事情同樣於2018年發生。匯豐相信,集團此等減值紀錄降低了盈利/派息的能見度,並打擊投資者信心。基於公布的盈喜,估計集團今年股息收益率為6%,對比該行早前預測為11%。
匯豐研究下調華能股份目標價,由3.1元降至2.8元,評級維持「持有」,並調低集團今明兩年每股盈利預測分別7%及6%,以反映其盈喜。該行認為,內地現貸煤價仍維持在每噸800元人民幣以上,集團今年的盈利展望會更差。
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