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《大行報告》匯豐研究降華電(01071.HK)評級至「減持」 上調目標價至2.4元
阿思達克 08-31 10:23
匯豐研究發表報告,指華電國際(01071.HK)上半年盈利按年增長41%,若不包括一次性項目的經常性應佔凈利潤按年下降33%,至13.17億元人民幣,約為該行之前對全年盈利預期的31%。因此認為今次業績遜預期,雖然電價和發電量較好,但單位燃料成本按年增長33%是期內盈利的主要拖累。 考慮中績遜預期,該行下調對華電2021至2023年預測7%至10%。匯豐研究將華電H股目標價由2.3港元提高到2.4港元,但在最近的股價反彈之後,將該股的評級下調至「減持」,因認為最近的行業估值重評對該公司而言並不合理。由於今年第三季度的平均煤價仍比今年上半年高7%,認為第三季業績將是一個潛在的股價負面催化劑。 報告補充,華電國際是母企華電集團旗下傳統電力平台。華電國際6月已將所有新能源項目轉讓至華電福新發展,並放棄在2025年前發展27吉瓦可再生能源計劃。華電國際計劃專注於向母企收購煤、天然氣及氫能相關項目,參考歷史,成本不低於市賬率一倍。報告稱,即使不投資於可再生能源,華電未來能否提升派息比率屬未知數。 匯豐研究進一步表示,跟隨其他投入可再生能源的火電股估值重評,華電過去一個月AH股價各升介乎20%至29%。報告稱,留意華電持有福新發展37%權益,作為華電集團可再生能源平台。不過,這遠不足以作為估值重評的理由。由於傳統火電企業前景不確定,其ESG價值未來或倒退。
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