大和:下調華電國際(1071.HK)目標價至2.7港元 評級“持有”
大和發表研究報告表示,華電國際(1071.HK)首季盈利高於預期,發電量下跌被燃料成本下降所抵銷,預期電力需求及燃料成本將會於第二季進一步改善,但華電股價自3月底以來已累升37%,利好因素已反映,同時煤炭價格大幅下跌,電費將存在風險因政府計劃紓緩企業成本壓力以支持經濟,而投資者並未全面考慮此方面的消息,故將華電目標價由2.9港元,下調至2.7港元,評級亦由“優於大市”降至“持有”。
報告指,將華電2020至2021年度每股盈利預測調升3-6%,以假設燃料成本減少,另外,假設2020年平均煤炭價格為每噸500元人民幣,料電費下調8-11%。

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