报告名称：Huadian Fuxin Alert(00816.HK)Kemen III received approval;Buy
报告类型：港股研究
报告日期：2015-11-20
研究机构：德意志银行股份有限公司
股票名称：华电福新
股票代码：00816
页数：1
简介：On 18 November, Fujian Development and Reform Commission (Fujian NDRC)approved the construction of Kemen Power Plant Phase III (Kemen III), whichwill have 2x1,000MW ultra-supercritical units. Fuxin has 100% stake in theplant. It is the second thermal plant of Fuxin that is approved in 2015 afterShaowu III (2X600MW) in Feb 2015. We estimate Kemen III could contributec.Rmb400m profit when it is in full operation in 2019E. We expect Fuxin willlikely see a stronger earnings growth in 2016E (DBe: +24%) driven bywind/nuclear contribution as well as rate cut. Renewable surcharge hike andpotential power demand recovery in Fujian could serve potential catalysts.Trading at 6x/7x of 2016/17E PE, valuation looks attractive. Buy with over 70%upside to our target price.
2016 – a year of stronger growth; more catalysts ahead
We forecast 24% yoy earnings growth in 2016, to be driven by 1) the full-yearcontribution from Fuqing Unit 2 and eight-month contribution from FuqingUnit 3, 2) the contribution from the 1.0-1.5GW wind capacity added in 2015,and 3) the lagging impact of six rounds of interest rate cuts from late 2014. Wealso see catalysts ahead, including: 1) a hike in the renewable surcharge toimprove its cash flow and 2) a potential power demand recovery in Fujian.
下载地址：Huadian Fuxin Alert(00816.HK)Kemen III received approval;Buy
