《大行報告》大和降華能(00902.HK)評級至「持有」 目標價下調至3.5元
大和發表的研究報告指,中國煤電行業受惠於增值稅下調及去年單位燃料成本下降,有別於同業華電國際電力(01071.HK),華能(00902.HK)至今仍未發盈喜,雖然該行估算去年公司核心盈利將顯著向上,但認為實際其盈利將受減值損失拖累,而隨著新型冠狀病毒疫情爆發,估計將為能源需求、煤電使用等帶來負面影響,將華能評級由「跑贏大市」降至「持有」,目標價由4元降至3.5元。
該行指出公司首九月淨利按年增長171%,該行估計去年全年其核心盈利增長將達175%,如公司業績增長逾50%,應在今年1月尾前發盈喜,但由於至今公司仍未發盈喜,故估計其盈利將受一次性項目拖累,估計很有可能是去年第四季錄虧損的發電廠所帶來的減值損失,情況與2018年時相似。由於公司派息政策是派息比率不低於70%,並最少有每股0.1元人民幣,故該行認為其派息將受盈利表現所拖累。
另外大和指出受今年新型冠狀病毒爆發影響,認為中國經濟壓力將拖累能源使用,加上今年風電及太陽能安裝增加,亦會影響到煤電的使用。受能源需求弱影響,加上新的電價政策料會為企業減輕能源開支負擔,故相信電價方面今年將見下行。(el/a) ~
阿思達克財經新聞
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