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《大行報告》大摩:相信內地火電股基本面仍疲弱 重申「減持」
摩根士丹利發表報告指,數間中資火電股於1月28日就去年業績公布了盈警,包括華能(00902.HK)、大唐發電(00991.HK)及中國電力(02380.HK)。其中,華能料去年虧損達98億元人民幣(下同)至117億元(持續性虧損121億元至140億元),符合該行預期的虧損120億元,但遠遜於市場預期的錄溫和盈利。於去年第四季,該行料華能虧損超過100億元,較第三季的虧損38億元擴大。 另外,大唐發電亦公布預期去年持續性虧損97億元至116億元;華電(01071.HK)則料錄持續性虧損79億元至87億元;至於中國電力預期虧損5億元至6億元。 大摩重申對中資火電股的「減持」看法,相信有關電廠的基本面仍然疲弱。雖然華能在今年簽訂了電力合約,但該行稱其並未披露電力合約中的電價上升幅度,且更重要的是有多少是固定電價,及有多少會隨著煤價下跌而調整。
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