花旗:降華電國際(1071.HK)目標價至2港元 評級沽售
花旗發表報吿,將華電國際(1071.HK)目標價由2.2港元減至2港元,由中性降至沽售評級。
報吿指,削公司2021及22年盈利預測51%及32%,主要由於燃料成本上升,同時將評級下調,以及觀察未來90日的負面因素影響,該行料公司上半年業績將會差過市場預期。公司曾承諾,2021-23年每年派息最少0.2元人民幣,相信派息將會以新債去支付,未來三年將會令公司出現負現金流,令公司股本回報下跌,估值亦不吸引。
報吿又指,公司第一季標準煤成本按年上漲22.7%至每噸808元人民幣。燃煤電廠單位燃料成本也增長21.7%至每兆瓦時230元人民幣。5月份標準煤成本進一步上漲至每噸825元人民幣,公司虧損的燃煤發電廠增加。同時,政府甚至建議降低商用及工業用電費,料公司市場電價上漲幅度不大,漲幅亦不足以抵消煤炭成本上漲。

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