大和:首予華電國際(1071.HK)“買入”評級 目標價3.4港元
大和發表報告,首次給予華電國際(1071.HK)
“
買入
”評級,目標價3.4港元。該行認為,縱使煤電標杆上網電價政策明年出現轉變,但大部分負面影響已在股價反映,股價下行空間有限。
該行指,華電國際盈利對煤價變動高度敏感,僅略低於華能國電(0902.HK)
,認為公司能在煤炭價格下跌趨勢中受惠,加上其更低的資本開支,華電國際較同業的派息更具可持續性,因此成為該行中國煤電股首選。
該行又指,即使實行新電價基準,但包括農業、住宅及部分工商業客户仍將採用舊制,因而在煤價下跌下,公司明年盈利將有所增長。
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