The Proposed Asset Injection Drives Earnings Upside for Huaneng, But Valuation is Unattractive.
Huaneng is proposing to acquire 16 gigawatts of generating capacity from its parent, Huaneng Goup, which would increase the company’s total installed capacity by 19% to 98.5 gigawatts reaffirming its leading position among China’s coal-fired power producers. Our preliminary view is that incremental earnings from the acquisition may be offset by a deterioration in Huaneng’s financial position as the purchase consideration looks relatively pricey. We keep our no-moat rating on Huaneng as the move ...
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