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Research Report

25/10/2019 11:41

{I-bank focus}Daiwa lowers Huaneng Power (00902) to HK$4.3

[ET Net News Agency, 25 October 2019] Daiwa Research lowered its target price for
Huaneng Power International (HNP)(00902) to HK$4.3 from HK$5.95 and downgraded its rating
to "outperform" from "buy".
The research house said HNP's strong 3Q and 9-month results were mainly due to lower
coal prices. Daiwa thinks the new tariff system means potential downside risk for tariffs
and does not bode well for IPPs in 2020.
Furthermore, HNP is stepping up the pace of wind capacity installations with heavy capex
in the coming few years, which may lead to rising capex and worsening cash flow. Daiwa
raised its 2019 EPS forecast by 9% on lower unit fuel cost but cut 2020-21 EPS by 4-17% on
a lower tariff assumption. (KL)

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