交銀國際:昇華電福新(0816.HK)目標價至1.62港元 評級“中性”
交銀國際發佈報告稱,上調華電福新(0816.HK)目標價,由1.59港元至1.62港元,新目標價等同2019及2019年市賬率0.53倍,及2019及2020年預測市盈率2.1倍及4.4倍,繼續維持“中性”評級。
該行稱,2019年全年公司總髮電量476.97億千瓦時,同比增長7%,其中水電、煤電、風電、光伏及天然氣及其他能源發電量分別同比變化63.4%、-8.5%、0.3%、6.9%、30.6%及-14.1%。公司發電量不及該行預期,主要是由於第4季水電、煤電和天然氣發電量都偏低。
雖然公司2019年發電量低於該行預期,但盈利能力略好於預期,尤其是煤電業務,而2020年福建省的電力需求回暖程度是盈利的核心影響因素。為此該行略調高2019-2021年每股基本盈利3.4%、0.5%及0.2%,至0.281、0.328及0.369港元。

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