《大行報告》美銀證券上調華電國際(01071.HK)目標價至2元 評級「跑輸大市」
美銀證券發表的研究報告指,華電國際電力股份(01071.HK)在2020年發行85億元人民幣的永續債,估計將進一步提升資本,支持其可再生能源項目的資本開支,而相關利息開支僅增加約3.74億元人民幣。公司目標2021-25年可再生能源發電量增25吉瓦,估計資本開支需要1,200-1,300億元人民幣,料公司債務對資本比率將由2020年53%,提升至2025年64%,而資產減值損失亦將持續。美銀將公司目標價由1.75元升至2元,重申「跑輸大市」評級。
該行指出煤炭成本升幅將限制資本回報率表現,今年首季平均煤價按年增31%至每噸739元人民幣,估計今年平均煤價增6.3%至每噸610元人民幣,另外燃煤電廠產能利用小時下降亦為公司資本回報率帶來影響。
美銀證券指出去年公司可持續業務的每股盈利按年升13%,期內每股盈利提升主要受惠單位燃料成本按年跌8%,而平均債務成本亦下跌0.2%。不過,期內燃煤電廠產能利用小時按年跌10.4%,部分抵銷了相關影響。(el/u) ~
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