报告名称：Huaneng Power(00902.HK)Maintain "Neutral" & Cut TP
报告类型：港股研究
报告日期：2015-11-24
研究机构：国泰君安国际
研究员：吴逸超
股票名称：华能国际,华能国际电力股份
股票代码：600011,00902,HNP
页数：5
简介：Huaneng Power completed placing 780,000,000 H-shares on Nov. 20 2015 with placing price of HK$7.32. Total outstanding share number increased by 5.4%. The net gearing as of 2015 year end is expected to be reduced by 19.4 ppt from 228.8% to 209.4% after the H-share placing.
Further revise down coal-fired utilisation assumptions for 2016/2017 by 1.4%/2.0% as China’s power consumption growth may remain at low single digit during the 13th-five-year period. Average FOB of QHD 5,500kcal thermal coal in 2016/2017 is further cut by 4.0%/6.7% to RMB360/350 per ton on weaker power demand growth expectation. The city-gate prices of pipeline natural gas were cut by NDRC on Nov. 20 2015 by RMB0.7/m3 (VAT incl.). Hence, 2016/2017 unit fuel cost of power sold expectation is revised down by 7.0%/7.2%, respectively. Average on-grid tariff in 2016/2017 is revised down by 1.9%/1.7%, as we expect the gas-fired on-grid tariffs might be cut in response to the natural-gas price cut.
Maintain “Neutral” rating; revise down TP to HK$7.75. 2015 EPS forecasts is revised up by 1.8% on lower 2015 average QHD 5,500kcal thermal coal FOB assumption, while the 2016/2017 EPS forecasts are cut by 2.8%/2.7% on weaker thermal utilisation and H-share placing on Nov. 20. TP is revised down to HK$7.75 due to the 2016-2017 EPS forecasts cut and the unfavorable policy environment upon coal-fired power industry.

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