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...
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