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Huaneng Power Int’l -H (902HK):3Q15results in line

研究机构:摩根大通(亚太) 研究员:摩根大通(亚太)研究所 发布时间:2015-10-26

9M15 results in line: Huaneng International overnight reported 9M15 results. Stripping away non-core items ofRmb417MM (mainly comprising government grants of Rmb636MM, net of disposal loss of Rmb76MM), core net profit ofRmb12.8B represented +28% Y/Y growth, largely in line with estimates. The growth was mainly attributable to a 13% Y/Ydecline in COGS, likely driven by decline in coal prices, but partly offset by weaker coal-fired utilization and coal-firedtariff cut (imposed in Apr 2015). On a quarterly basis, 3Q15 net profit was Rmb4.2B, up 11% Y/Y and 4% Q/Q.

3Q15 and 9M15 power generation totaled 81.2Bn kWh (+13.85% Y/Y) and 241Bn kWh (+7.72% Y/Y), respectively.The output growth was mainly driven by contribution from projects injected from SOE parent last year and newlycommissioned power plants in 1H15. Coal-fired utilization of existing power plants declined by 7.1% in 3Q15, animprovement over 9M15 numbers (down 10.5% Y/Y).

9M15 FCF increased by 55% Y/Y to Rmb17.6B from Rmb11.4B in 9M14. 3Q15 FCF increased by +94% Y/Y thanks tostrong growth in Op CF (+22% Y/Y) and lower capex (-4% Y/Y).

Net gearing improved to 168% as of Sep-15, from 182%/173% as of Jun-15/Dec-14.

Conference call will be held on 22 Oct 2015 (Thursday) at 4:00 p.m. Dial-in details: +852 3005 1333 (HK) / 400 8105233 / (PRC) / +65 63077689 (Sing) / +44 20 76600166 (UK)

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