《大行報告》摩通料華能(00902.HK)最壞時刻已過及估值吸引 指現是吸納機會
摩根大通發表報告指,華能(00902.HK)今年第三季虧損35億元人民幣,符合該行預期,並遜於市場預期。業績表現疲弱,主要由於煤價大幅上升(第三季按年增逾60%),足以抵銷穩定的發電量(按年升10%)及電價溫和增加(升3%)。
該行表示,華能股價或會對業績表現反應負面,但相信集團最壞時刻已過,市場降級後呈現具吸引力的買入點。而華能目前估值相當於一年預測市賬率約0.3倍,估值吸引。
摩通維持華能股份「增持」評級及目標價5元,對其看法保持正面,認爲內地多於十個省份在第四季開始容許工業電價上調20%,配合煤價正常化,料可令集團盈利持續改善。
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