报告名称：Huaneng Power Intl Alert(00902.HK)In-line recurring profit;impairment higher tha
报告类型：港股研究
报告日期：2016-03-23
研究机构：德意志银行
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：1
简介：Huaneng reported strong FY15 earning growth at 27% yoy to Rmb13.7b thanks to 9.4GW asset injection and unit fuel cost decline of 14% yoy. After deducting impairment losses (Rmb3,090m) and disposal losses (Rmb480m), its recurring net profit came in largely in-line with our recurring profit forecast of Rmb16.4b. It announced a dividend per share of Rmb0.47, lower than DBe as the company adopted a 50% payout based on reported earnings, rather than recurring earnings. Huaneng is currently trading at an attractive 6.2x 16E PE and 7.8% dividend yield. Buy.
A big chunk of Rmb3.1bn impairment booked in 4Q
High FCF yield; Strong balance sheet for asset injection
2016 Outlook: flat output on lower utilisation

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