Huaneng’s Net Loss in 4Q In Line; Shares Remain Undervalued on Softening Coal Price
Despite strong power demand, Huaneng’s net loss in fourth-quarter 2017 suggests that coal-fired IPPs still have little flexibility to offset or pass on the higher coal prices.  A 34% rise in unit coal cost led to a sharp 81.5% year-over-year decline in 2017 full-year net profit to CNY 1.6 billion. While we expect Huaneng to remain loss-making in first-quarter 2018, the 15% fall in seaborne coal prices after the Chinese New Year holiday supports our expectation for improved profit in second-quart...
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