Huaneng’s Strong 1Q in Line; Falling Coal Price Will Continue to Drive Earnings’ Recovery
No-moat Huaneng’s strong first-quarter result, with net profit rising 114% to CNY 2.65 billion under PRC GAAP, was largely driven by falling coal prices, while its power output and average tariff remained largely flat from a year ago. This was well-expected, and an 8% fall in Huaneng’s unit coal cost drove its gross margin expansion of 4.8% in first-quarter 2019, to 18.3%, the best since third-quarter 2016. In addition, higher heating income, as well as the one-off noncash gains from the consoli...
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