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《大行报告》汇丰研究下调华能(00902.HK)目标价至2.8元 评级「持有」
阿思达克 02-02 10:17
汇丰环球研究发表报告指,华能国际电力(00902.HK)发盈喜,按中国会计准则,去年纯利料按年增长163%至195%,到41亿至46亿元人民币。虽然按年有强劲改善,但去年全年纯利仅相当於集团首九个月纯利91亿元人民币的一半。若扣除优先股股东利益,料纯利介乎27亿至32亿元人民币,明显低於该行预测的76亿元人民币。

该行表示,去年11月内地现货煤价上升,难以完全解释集团第四季料录亏损45亿至50亿元人民币,估计又一次录得显着减值损失是季度亏损的主因。而华能於2019年亦录得63亿元的减值亏损,几乎耗尽该年的经营利润,相近事情同样於2018年发生。汇丰相信,集团此等减值纪录降低了盈利/派息的能见度,并打击投资者信心。基於公布的盈喜,估计集团今年股息收益率为6%,对比该行早前预测为11%。

汇丰研究下调华能股份目标价,由3.1元降至2.8元,评级维持「持有」,并调低集团今明两年每股盈利预测分别7%及6%,以反映其盈喜。该行认为,内地现贷煤价仍维持在每吨800元人民币以上,集团今年的盈利展望会更差。

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