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Research Report

09/10/2019 17:50

{I-bank focus}UBS upgrades Huaneng Power to "neutral"

[ET Net News Agency, 9 October 2019] UBS Global Research lowered its target price for
Huaneng Power International (00902) to HK$3.8 from HK$4.5 but upgraded its rating to
"neutral" from "sell" noting that the risks of weaker utilisation and declining average
tariff are largely priced in.
The research house said the company is now trading at around 0.6x 2020E P/BV, suggesting
that the market may be pricing in a long-term ROE (return on equity) of around 6%.
China has accelerated the pace of power sector reform by shifting from standardised
on-grid tariff to a "base tariff + floating tariff" scheme. UBS now estimated 80%
(previously 50%) of coal-fired power shall be sold through competitive market sales from
2020 onwards.
UBS raised its 2019-21 earnings forecasts by 11%/19%/5% to reflect better 1H earnings.
This is partly offset by lower coal power utilisation rate, higher coal price estimates
and increasing competitive market sales from 2020 onwards. (KL)

Remark: Real time quote last updated: 09/04/2020 17:59
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