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<Research>HSBC Research: CN Power Utilities Entering 'Stagnation Phase'
Recommend 11 Positive 15 Negative 6 |
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China's power industry will face challenges of slowing growth momentum in the opening year of the 15th Five-Year Plan, HSBC Research wrote in its latest report. Due to multiple factors such as expected declines in electricity prices, a slowdown in new installations, and a stabilizing policy environment, the overall growth momentum of the industry will significantly weaken, according to the report. HSBC Research has downgraded the rating of HUANENG POWER (00902.HK) from Hold to Underweight and the rating of CHINA RES POWER (00836.HK) from Buy to Hold. The broker is optimistic about CHINA LONGYUAN (00916.HK), expecting its earnings growth to lead the industry on the strength of the actual performance of wind resources. CHINA POWER (02380.HK) is expected to have a dividend yield of 5.8% in FY26, making it the most attractive choice among its peers in terms of yield. CHINA YANGTZE POWER (600900.SH), supported by the most resilient electricity price outlook, is also predicted to have a dividend yield of about 3.7% in FY26. All three stocks have been rated as Buy. AAStocks Financial News |
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