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<Research>HSBC Research Downgrades HUANENG POWER/ HUADIAN POWER to Hold, Adds TPs for CHINA RES POWER/ CHINA LONGYUAN
Recommend 38 Positive 51 Negative 24 |
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Given that China's coal spot prices bottomed out after a rapid decline in 1H25, HSBC Global Research believed the profit margin expansion story for independent coal-fired power producers had essentially ended, predicting HUANENG POWER (00902.HK) and HUADIAN POWER (01071.HK) to continue facing profit-taking pressure during the 2Q25 results announcement period. Meanwhile, market concerns over a weak electricity price outlook will persist until the end of the year. HSBC Global Research lowered the ratings of HUANENG POWER and HUADIAN POWER to Hold, with target prices set at HKD5.1 and HKD5, respectively. In contrast, the broker was more optimistic about CHINA RES POWER (00836.HK) and CHINA LONGYUAN (00916.HK). CHINA RES POWER, as the broker's top pick among independent power producers, had its target price raised from HKD22 to HKD23.2, while CHINA LONGYUAN's target price was lifted from HKD8.7 to HKD9. Stock│Investment Rating│Target Price (HKD) CHINA RES POWER (00836.HK)│Buy│22->23.2 HUANENG POWER (00902.HK)│Buy->Hold│5.2->5.1 HUADIAN POWER (01071.HK)│Buy->Hold│5 CHINA POWER (02380.HK)│Buy│3.5->3.6 CHINA LONGYUAN (00916.HK)│Buy│8.7->9 CGN POWER (01816.HK)│Hold│2.9->3 AAStocks Financial News |
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