《大行》匯豐研究下調對華能國電(00902.HK)及華電國際(01071.HK)評級持「持有」 上調潤電(00836.HK)及龍源(00916.HK)目標價
匯豐環球研究指,內地煤炭現貨價格在上半年快速下跌後已觸底,認為燃煤獨立發電企業利潤率擴張故事已基本結束,預計華能國電(00902.HK)和華電國際(01071.HK)在第二季業績公布期間繼續面臨獲利了結壓力;市場對電價前景疲軟的擔憂將持續至年底。該行下調對兩股投資評級至「持有」,目標價分別為5.1元及5元。
該行更看好潤電(00836.HK)及龍源(00916.HK)。潤電為該行首選獨立發電企業,目標價由22元上調至23.2元,看好其項目營運專業知識、地理覆蓋及在火電和可再生能源領域地位,原因包括明年市場電價下行風險可能較小,以及新電價政策下可再生能源回報前景更佳。該行料龍源第二季業績平淡,但其估值不高,對其更多輸電線路投運和加速補貼結算政策的潛在好處持樂觀態度。該行把龍源目標價由8.7元上調至9元。
匯豐環球研究對內地電企最新投資評級及目標價:
券商│投資評級│目標價
潤電(00836.HK)│買入│22元->23.2元
華能國電(00902.HK)│買入->持有│5.2元->5.1元
華電國際(01071.HK)│買入->持有│5元
中國電力(02380.HK)│買入│3.5元->3.6元
龍源(00916.HK)│買入│8.7元->9元
中廣核電力(01816.HK)│持有│2.9元->3元
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