中金:降華能國際(0902.HK)評級及目標價 鉅額資產減值或拖累業績
中金髮表研究報吿指,華能國際(0902.HK)預計2020年淨利潤雖按年增長1.63至1.95倍,但公司盈測僅為市場預期值的一半,該行認為華能高達50億元人民幣的大額資產減值或拖累其業績,故將華能國際A、H評級下調至中性,目標價各下調55%至3.76元人民幣及2.72港元。
該行指,華能連續第二年出現鉅額減值,市場信心短期內難以修復,預計2021年動力煤均價按年增長約5%,火電盈利仍面臨壓力。中國碳交易市場2月啟動,華能需加快新能源裝機比重,實現轉型,惟資本開支需求大。該行下調華能2021年淨利潤預測47%至59.2億元人民幣。

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