Report
Jennifer Song
EUR 100.00 For Business Accounts Only

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...
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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