2023-10-03 02:32:01
BOCOM International: Maintain “Buy” rating on China Resources Power (00836) with target price of HK$21.14
2023-10-03 10:32:01
Zhitong Finance APP learned that BoCom International issued a research report stating that it maintains a “buy” rating for China Resources Power (00836) with a target price of HK$21.14. The company believes that the overall proportion of Changxie coal purchases in the second half of the year still has room to increase. In addition, the price of imported coal is still at a discount compared to mainland coal. The bank expects the company’s full-year unit fuel cost to decrease by approximately 9% annually. It is also believed that capacity electricity prices are still good for the thermal power generation sector and can compensate to a certain extent for the insufficient utilization hours of thermal power generation projects. As for whether thermal power prices will be reduced in the coming year, the company believes that the final decision still depends on the extent of the decline in coal prices. The bank believes that due to the incomplete turnaround process of thermal power plants across the country, the extent of the reduction in thermal power prices in the coming year will still depend on the decrease in coal prices.
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