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<Research>BofAS Expects Stable Interim Profits for Energy Stocks, Downgrades GOLDWIND to Neutral
Recommend 34 Positive 48 Negative 32 |
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BofA Securities research report anticipated that the profits of thermal power generation companies will further strengthen in 2Q25 due to heightened output and expanded reductions in unit fuel costs. It was expected that CHINA RES POWER (00836.HK) will achieve in-line interim net profit, rising 16% YoY to $10.9 billion, while HUANENG POWER (00902.HK) will see a 25% YoY hike in net profit for 1H25 to RMB7.4 billion, with 2Q25 growth potentially reaching 35%, at the upper end of market expectations. The broker downgraded GOLDWIND (02208.HK) from Buy to Neutral, with a target price of $7.8, in wake of the ongoing drag from wind power sales likely to continue into 2H25. This, paired with persistent policy uncertainty, the 2Q25 profit was forecast to subside 43% YoY to RMB600 million. In the gas sector, CHINA RES GAS (01193.HK) was expected to post a 38% YoY decline in net profit for 1H25 to $2.15 billion. ENN ENERGY (02688.HK) was expected to see a 3% YoY fall in core profit for 1H25 to RMB3.16 billion, while BEIJING ENT (00392.HK) was expected to maintain flat net profit and stable dividends. The broker also foresaw stable profits for CKI HOLDINGS (01038.HK) and GUANGDONG INV (00270.HK), with YoY declines of 0.3% to $4.3 billion and $2.5 billion, respectively, and interim dividends rising by 1%. CLP HOLDINGS (00002.HK) was expected to see a YoY drop in interim core profit. AASTOCKS Financial News Website: www.aastocks.com |
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