华泰金融(HK):给予华能国际电力股份(00902.HK)“买入”评级 目标价5.49港元

2024-11-08 14:31:08 来源: 同花顺金融研究中心

  华泰金融(HK)11月6日发布公告。Given the downtrend in average coal prices this year, we adjust forecasts for HPI’s coal prices and coal-fired power tariffs, and revise 2024/2025/2026 attributable NP estimates to RMB10.4/12.7/13.1bn (previous: RMB11.7/12.3/13.1bn). We value the stock at 1.05x 2025E BVPS of RMB4.80 (after deducting perpetual bonds), c. 1SD above its historical average (0.72x), to factor in our positive outlook on long-term development of its new energy segment and its recovering coal-fired power earnings. Our target price is HKD5.49 (previous: HKD5.67). BUY.

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