Daihe: HUANENG POWER (00902) Q2 performance may confirm that profit has peaked, reiterating a "underperform" rating.
The bank reiterates the company's "underperform" rating and H-share target price of HKD 5.20.
Daiwa released a report stating that HUANENG POWER (00902) had a weak performance in the second quarter, with recurring profits dropping by 54.7% year-on-year to 1.817 billion RMB, and net profit falling by 51% to 2.102 billion RMB. Profits from coal power, wind power, and CECEP Solar Energy also declined. Daiwa pointed out that the second quarter results confirm that Huaneng's profits may have peaked last year, as electricity price pressures increasingly offset the benefits of falling coal prices. The firm reiterated its "underperform" rating for the company and set a target price of HKD 5.20 for its H-shares.
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