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 ...Huaneng Power International is engaged in investment, construction, operation and management of power plants. Through its subsidiaries, Co. is also engaged in power generation; development of wind power project; production and sale of electricity; heat supply; construction and operation of power plants and related construction projects; wholesale of coal; construction, operation and management of hydropower, cogeneration power and related projects; provision of utility services; and consultancy in waste recycling industrial waste management and recycling. As of Dec 31 2010, Co. had controlling generation capacity and equity-based generation capacity of 50,935 MW and 45,340 MW, respectively.
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