摩通:新電價機制對電力股不利 華能(0902.HK)華電(1071.HK)最受影響
摩根大通發表報告表示,內媒報道政府將進一步開放電力市場,該行認為新的電價設定機制對燃煤發電企業不利。據該行估計,燃煤電力公司將50%的電力出售給電網,其餘50%直接售給最終用户,而新例將會影響售予電網的部分,料該部分平均電價將會下降5%。
該行補充,新例下可能導致整體電力之平均價格下降2%至3%,而2020年預測EBITDA(除息税折舊及攤銷前盈利)下降5%至9%,當中華能(0902.HK)
及華電(1071.HK)
將是最受潛在的電價下降的影響,主因其燃煤發電的比例較高。
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