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Daehan Rating | Daiwa: Downgraded Rundian Rating to “Hold” Target Price Slightly to HK$20
Gelonghui, May 6 | Yamato released a report stating that coal prices fell in the first quarter of this year, and profits of independent coal-fired power producers (IPP) rose sharply. Rundian's stock price has risen 22% year to date, outperforming Huaneng Guodian, which has risen 17%. Despite Rundian's low leverage ratio, coal-fired power generation accounts for only 72%, compared to Huaneng Guodian's share of 88%. The bank estimates that the downward trend in coal prices has been reflected in stock prices. Recently, coal prices have rebounded, and Rundian may face a high base for profit in the third quarter. Rundian's wind power generation increased 17% year-on-year in the first quarter, superior to the industry's Longyuan Electric Power and Datang New Energy, partially offsetting electricity prices
Yamato: Downgraded China Resources Electric Power's rating to “hold” and slightly reduced the target price to HK$20
Daiwa released a research report stating that China Resources Power's rating was lowered from “outperforming the market” to “holding”, and the target price was slightly reduced from HK$20.4 to HK$20. Investors were advised to leave the market profitably. The priority updates for China's independent power generation industry were hydropower, coal-fired power plants, nuclear energy, and renewable energy, respectively. Coal prices fell in the first quarter of this year, and the profits of independent producers of coal-fired power generation increased sharply. The downward trend in coal prices in this bank is already reflected in stock prices. Recently, coal prices have rebounded, and Rundian may face a high base for profit in the third quarter.
China Telecommunication Union: In the first quarter, electricity trading centers across the country organized a total of 1424.84 billion kilowatt-hours and an increase of 7.7% year-on-year
On April 30, the China Telecommunication Union released a summary of the national electricity market transactions from January to March 2024.
Changes in Hong Kong stocks | Huaneng International rose more than 4% to lead power stocks. Demand for electricity exceeded expectations compounded the decline in coal prices. Many thermal power companies performed well in Q1
Power stocks rose collectively. As of press release, Huaneng International (00902) rose 3.93% to HK$5.02; Huadian International (01071) rose 2.91% to HK$4.25; and Datang Power (00991) rose 2% to HK$1.53.
China Resources Electric (00836): “21 China Resources 02” will pay interest on May 6
According to the Zhitong Finance App, China Resources Electric Power (00836) announced that China Resources Electric Power Investment Co., Ltd. will publicly issue corporate bonds (Phase 1) (Type 2) to professional investors in 2021 starting May 6, 2024 and paying interest for the period from May 6, 2023 to May 5, 2024 (hereinafter referred to as the “current year”). The current bond is abbreviated as “21 China Resources 02”. The total amount issued is RMB 1 billion. The bond term is 5 years, and the coupon interest rate is 3.6%. Each 10 “21 China Resources 02” has a face value of 1,000 yuan and an interest of 36 yuan (tax included). Non-resident companies
GF Securities: Stable coal prices start a new thermal power trilogy
Currently, thermal power is in a “moment of disagreement” from cycle to value. It is recommended to pay attention to the industry trend where coal prices are stabilizing, and pay more attention to the verification and pricing opportunities of thermal power utilities under increased ROE stability.
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