《大行报告》美银证券上调华电国际(01071.HK)目标价至2元 评级「跑输大市」
美银证券发表的研究报告指,华电国际电力股份(01071.HK)在2020年发行85亿元人民币的永续债,估计将进一步提升资本,支持其可再生能源项目的资本开支,而相关利息开支仅增加约3.74亿元人民币。公司目标2021-25年可再生能源发电量增25吉瓦,估计资本开支需要1,200-1,300亿元人民币,料公司债务对资本比率将由2020年53%,提升至2025年64%,而资产减值损失亦将持续。美银将公司目标价由1.75元升至2元,重申「跑输大市」评级。
该行指出煤炭成本升幅将限制资本回报率表现,今年首季平均煤价按年增31%至每吨739元人民币,估计今年平均煤价增6.3%至每吨610元人民币,另外燃煤电厂产能利用小时下降亦为公司资本回报率带来影响。
美银证券指出去年公司可持续业务的每股盈利按年升13%,期内每股盈利提升主要受惠单位燃料成本按年跌8%,而平均债务成本亦下跌0.2%。不过,期内燃煤电厂产能利用小时按年跌10.4%,部分抵销了相关影响。(el/u) ~
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