Market Brief

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Author

伍洛桓先生(Gary Ng)
經理

畢業於美國加州大學聖地牙哥分校。對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533000

華電國際電力股份有限公司 (1071.HK)

Monday, November 19, 2018 Views3917

主要在中國從事發電、供熱、煤炭銷售及其他相關業務。

 

基本資料 :

現價 : $3.21

市值 : $55.1億 (H股) 354億人民幣 (A股)

市盈率 : 64.6

市賬率 : 0.592

周息率 : 0.7%

52週高/低 : $3.9 / $2.55

10天/50天/250天平均價 : $2.93/ $3.05 / $4.41

 

主要股東 :

中國華電集團有限公司 (A股47.97% H股5.00%)

貝萊德 (H股7.00%)

J.P. Morgan Chase & Co.  (H股6.93%)

 

評論:

集團公佈截至2018年9月30日,前三季度營業收入人民幤643.14億元,比去年同期上升10.7%。公司權益持有者的淨利潤人民幣15.26億元,去年同期為虧損2.37億元。集團業績轉虧為盈,主要原因是發電量增加及上網電價升高的影響。據中電聯預測,全年全社會用電量增速好於年初預期,超過二零一七年增長水平。而在成本控制方面,集團前三季度的營業成本為人民幣561.89億元,同比增長8.08%,增速少於集團的營業收入,其主因是集團一直密切跟蹤政策及國內外煤炭市場的情況變化,突出燃料成本管控,以保持合理庫存,最大限度控制煤炭採購成本。集團亦預計下半年隨着國家保障煤炭穩定供應、促進煤價回歸合理水平等政策的影響,電煤供應將基本平衡,預計電煤價格不會出現大幅度上漲,而將逐步回歸至合理區間。

 

建議買入價: $3.00

目標價: $3.88

止蝕價: $2.70

 

註:本人伍洛桓為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

 

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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