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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.
Bank Ratings | Bank of America: Raising Huaneng's H-share Target Price to HK$5.8 to Reiterate “Buy” Rating
Bank of America Securities issued a report indicating that Huaneng's first-quarter results beat expectations, that Thermal Power's profit is expected to recover further, reaffirming its “buy” rating, and that the target price for H shares was raised from HK$5.6 to HK$5.8. Considering that quarterly results beat expectations, production capacity growth is expected to accelerate this year, and unit fuel cost forecasts have been lowered, the bank raised its earnings estimates by 5% and 3% each for this year and next, and expects coal prices to experience seasonal weakness in the next quarter, driving further critical valuation. According to the report, management confirmed good results in the first quarter, with unit fuel costs falling 14% year-on-year. The company expects electricity prices to drop moderately by only 4% year-on-year in 2024. Even though the company doesn't have a unit
Huaneng Power International Shares Rise After Quarterly Profit Doubles
By Amanda Lee Huaneng Power International shares rose after the Chinese electricity producer said quarterly profit more than doubled, helped by lower fuel costs and increasing electricity demand in t
Changes in Hong Kong stocks | Huaneng International (00902) posted a record high of nearly 5%. Net profit returned to mother in the first quarter was about 4.596 billion yuan, up 104.25% year-on-year
Huaneng International (00902) rose by nearly 5% after the report. As of press release, it rose 4.86% to HK$5.18, with a turnover of HK$21.883 million.
Huaneng Power International 1Q Rev CNY65.37B Vs. CNY65.27B >0902.HK
Huaneng Power International 1Q Rev CNY65.37B Vs. CNY65.27B >0902.HK
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