Huaneng Posts a Disappointing 2018 Result; Cutting FVE to HKD 5.20 on Worsening Balance Sheet
No-moat Huaneng’s disappointing 2018 full-year result, with net profit falling 54% to CNY 734 million, was largely driven by a CNY 1.6 billion impairment. Core operations also missed slightly on higher-than-expected fuel cost, despite a decent 9% growth in power output and marginally improved power price. This indicates that coal-fired IPPs have little bargaining power over coal miners, and there is little flexibility to pass on the higher coal costs. However, we retain our bearish outlook on co...
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