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《大行報告》大摩:內地煤電發電量增長6月起有所改善 首選潤電(00836.HK)
摩根士丹利發表報告指,內地煤電廠如華能(00902.HK)及華電(01071.HK)公布盈利預告,其中華能上半年持續性虧損料介乎35億元至45億元人民幣,由於其首季虧損14億元人民幣,意味次季虧損擴大至介乎21億元至31億元人民幣。至於同業華電上半年持續性盈利估計為10.9億元至14.2億元人民幣,由於集團首季盈利4.5億元人民幣,意味次季盈利改善至6.4億元至7.5億元人民幣。 該行表示,內地上半年的發電量增長0.7%,6月的發電量為按年上升1.5%,較5月的按年下跌3.3%改善,當中煤電發電量表現有所好轉,由5月的按年下跌10.9%,改善至6月的按年下跌6%。 大摩提到,近期中資煤電股股價受壓,估計主要由於公布盈利預告。因需求提升,及更多合約煤炭填補令成本下降,相信煤電廠的盈利能力可有持續改善。行業中,該行偏好華潤電力(00836.HK),認為集團的盈利貢獻來自再可生能源,而煤電業務在下半年亦料可轉盈,且其估值吸引,相當於今年預測市盈率7.8倍,及市賬率0.8倍。
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