20100128 中银国际
中国电力及新能源深度研究报告
78页
简介
Since our sector downgrade in November 2009, IPP stocks
have lagged the market and now trade at trough P/B levels,
comparable to those seen in 3Q08. We reckon the market
has over-reacted to a number of issues, such as coal price
risk. We view power stocks as far too cheap to ignore right
now and believe they are poised for a rebound. Near-term
catalysts include a relief of coal supply tightness that might
soften expectations of price hikes, more aggressive
acquisitions of power and coal projects and anticipation of
tariff adjustments. We also like renewable energy names
amid the broader low-carbon theme. We believe the
economics of wind power and waste incineration have
brought about a golden period for early entrants with scale
operations. We rate the H and R shares of the China power
and renewable energy sector OVERWEIGHT and reaffirm
our NEUTRAL call for the A shares. Our top picks are
Huaneng Power, China Resources Power, China Longyuan
Power and China Everbright International.