Report
Jennifer Song
EUR 100.00 For Business Accounts Only

Strong Power Demand and Tariff Hike Boosted Huaneng’s First Half; Shares Are Fairly Valued

No-moat Huaneng’s strong first-half 2018 result, with net profit rising 6 times year over year to CNY 1.7 billion, was within expectations, with 12% growth in power sales volume and a 2.7% increase in average selling tariff the key boosts. While Huaneng’s unit coal cost was up by 6% in first-half 2018, the recent decline in the QHD 5,500 Kcal spot coal price to around CNY 600/ton from over CNY 700/ton in early June reaffirms our bearish coal price outlook, and we expect coal price weakness to be...
Underlying
Huaneng Power International Inc (ADR)

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Jennifer Song

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