[ET Net News Agency, 10 March 2020] BOCOM Research lowered its target price for Huaneng
Power International (00902) to HK$4.47 from HK$5.16 on lower valuation benchmark and
maintained its "buy" rating on cheap valuation an attractive dividend yield (2019: 9.7%).
The research house said Huaneng's FY2019 total power sales retreated 4.4%. Within this,
thermal/gas/hydro-power sales fell 4.4%/11.3%/22.4%. BOCOM expects Huaneng's FY2019
revenue to drop 3.9% to RMB162.9bn on lower power sales volume, but the improved dark
spread and better cost control to fuel a net profit surge by 5.9x to RMB5.8bn. (KL)