Huaneng Posts a Disappointing 3Q; FVE Lowered to HKD 5.60 on Near-Term Challenges
No-moat Huaneng’s net loss of CNY 140 million in the third quarter was a negative surprise, which should be largely attributable to a CNY 174 million impairment at Singapore Tuas, as well as a CNY 359 million foreign exchange loss from its investment in the Pakistan project. Core operation also missed slightly on higher-than-expected fuel cost, despite a decent 8% growth in power output and marginally improved power price. This indicates that coal-fired IPPs have little bargaining power over coa...
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