《大行報告》花旗:內地現貨煤價跌穿合同煤價 華電盈利對煤成本敏感度較高
花旗發表報告表示,內地動力煤價指數(CCI5500)於昨日下跌8元人民幣或1.4%,至每噸544元人民幣,不單已連跌五周,現貨煤價更低於一年合約煤價每噸546元人民幣水平,該行估計內地現貨動力煤價及合同煤價未來數周將會進一步下跌,因供熱需求下降。
該行估計,中國動力煤現貨價於今年將下跌5%至8%,並對內地燃煤發電股持審慎態度,因需求增長疲弱、投資者更重視環境、社會及管治。該行指在中資電力股中較喜愛華電國際(01071.HK),因料其純利對單位燃煤價格成本敏感度較高,兼且目前估值不昂貴,現價僅相當於今年預測市賬率0.4倍。
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