Huaneng’s Weak First Quarter In-Line; Expecting Coal Prices to be Softened.
No-moat-rated Huaneng’s first-quarter results continued the weak trend seen in fourth-quarter 2016, with a marginal profit of CNY 0.6 billion under China GAAP. The result was largely in line with our expectations, and we reiterate our view that the first quarter is likely the weakest for coal-fired power plants. We expect profits to rebound, with coal prices pulling back in the second quarter, normally the slackest season, especially with excess coal supply and industrywide losses at coal-fired ...
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