大和:下調華電目標價至2.9港元 料關税因素長期受壓
大和研報指,預期華電國際(1071.HK)(600027.SH)的第14個五年計劃(2021至2025年)盈利長期受壓,而華電的盈利主要受制於煤價格及燃煤發電的關税,而兩者均處於下行的趨勢,料今年盈利或有上行空間,但其後將會受壓,將目標價由3.4港元下調至2.9港元,投資評級亦由“買入”降至“優於大市”。
又指,華電第13個五年計劃(2016至2020年)的盈利主要受煤價格影響,儘管今年將開始有新一輪關税,仍預期今年華電將受惠於進一步燃料價格成本下降,但預期華電的股本回報率將會於第14個五年計劃受壓。
該行表示,上調對華電2019至2021年的每股盈利預測1%至2%,並預期華電的資本開支將由去年的150億元人民幣,降至今年的110億元人民幣。
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