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《大行報告》摩通降內地火電股今年盈測最多17% 下調潤電(00836.HK)及華能(00902.HK)目標價
阿思達克 05-26 12:14
摩根大通發表研究報告,指近期煤價上升壓抑火電企業毛利率,下調內地火電股今年盈測介乎10%至17%,反映本年以來煤價升逾30%的強勢。內地煤炭行業組織聯合發文,要求穩定煤炭價格及供應,在低基數下,今年獨立發電廠(IPP)單位燃料成本料按年升逾20%。

在供應緊張、下游需求強勁下,該行料煤價將在每噸700元人民幣以上維持一段時間。在行業內,摩通僅偏好華潤電力(00836.HK)源於高約10%的股本回報率、股息率6%及估值僅相當於預測市帳率0.5倍並不高。該行建議未來三個月進行配對交易,長倉潤電,及短倉華能(00902.HK),因後者對煤價最為敏感。

摩通予潤電「增持」評級,目標價由13.5元降至13元;華能目標價由2.3降至2.2元,評級「減持」;華電(01071.HK)評級「中性」,目標價2.1元。

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