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Research Report

24/10/2019 17:47

{I-bank focus}HSBC trims Huaneng Power (00902) to HK$4.4

[ET Net News Agency, 24 October 2019] HSBC Global Research lowered its target price for
Huaneng Power International (HNP)(00902) to HK$4.4 from HK$5.1 and maintained its "buy"
The research house said HNP delivered a third quarter net profit of RMB1,569m under PRC
GAAP, which was significantly improved from a low base of a RMB144m loss in the same
period last year and in line with market expectations.
China announced it would introduce a new tariff system in 2020. Management admits this
will provide near term pressure on tariff/earnings but was unable to share more insights,
as more clarity on such policy is still outstanding at the moment.
Despite the decent 3Q results, HSBC remains cautious on coal-fired IPPs for potential
weaker earnings outlook in 2020 amid lower tariffs, which are the most sensitive factors
for earnings. (KL)

Remark: Real time quote last updated: 07/04/2020 17:59
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